Microsoft moving into China with new Shanghai-based venture

Microsoft has a new joint venture that could enable it to bring a game console and media streaming device to mainland China, which currently bans traditional gaming systems.

The company announced the new venture, dubbed E-Home Entertainment Development, is a partnership with Chinese media conglomerate BesTV, according to Chinese website Xinhua (as first spotted by Polygon).The two revealed the new company in a press release sent to the Shanghai Stock Exchange. The two companies invested $237 million into E-Home; Microsoft will hold a 49 percent minority stake, and BesTV will hold 51 percent.