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Sina, Tencent And Netease Get Online Broadcast Rights From CCTV

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imageSome good news for Chinese office workers without a TV during the Olympics… Three top web portals, Netease (NSDQ: NTES), Sina (NSDQ: SINA) and Tencent announced together that they have obtained rights to rebroadcast live footage from state network CCTV. These three companies started teaming up last year to go up against Sohu (NSDQ: SOHU), which had been awarded monopoly access to the games. Sohu is expected to spend about 500 million RMB ($62 million), while Sina and Tencent will spend 130 million RMB and 100 million RMB respectively, according to Pacific Epoch, citing a local report. Each company expects to see revenues approximately double their investment outlay. According to RedLine China, the companies reach 90 percent of internet users.