Microsoft forms new console game venture in China

Newsbrief: As it looks likely that a 13-year ban on foreign video game consoles in China may be relaxed soon, Microsoft is looking to capitalize on the move by forming a new multi-million dollar games venture in the country. Microsoft and BesTV New Media, a subsidiary of Shanghai Media Group, have formed a new $79 million outfit according to Bloomberg, as both companies look to explore the new console and entertainment opportunities in China. The new venture will look to design and develop games for China, while also acting as a publisher for third-party titles in the area. A filing seen by Bloomberg apparently says that the investment from both companies will reach $237 million.