SHANGHAI - The Walt Disney Company (TWDC) and a Shanghai media business announced on Wednesday they will set up a joint venture in China to tap into the country's fast-developing digital industry and market.

The booth of BesTV New Media Co Ltd is seen at 2013 China Joy held in Shanghai, July 26, 2013. [Photo / icpress.cn]

The new venture will use the technical expertise, professional skills, experience and marketing strategies of Walt Disney and BesTV New Media Co Ltd. It will operate a digital technology consulting business focusing on BesTV and Disney-related services, products and content in China's mainland, BesTV said in a statement.

BesTV, a Shanghai-listed IPTV firm, will own 51 percent of the joint venture, while the remainder will be owned by Walt Disney Shanghai Ltd, a wholly owned subsidiary of Walt Disney Company .

"China's digital landscape and industry is expanding and changing exponentially," said Stanley Cheung, executive vice president and managing director of Walt Disney Greater China. "This joint venture with BesTV will seek to serve Chinese consumers who are increasingly connected to their viewing experiences across multiple platforms."

BesTV, a subsidiary of Shanghai Media Group, has 18 million IPTV subscribers with its businesses in China, southeast Asia and eastern Europe.

BesTV president Tao Mingcheng said the two companies share a common vision to explore new business models for digital distributors. He hoped the new company would bring better experiences for Chinese audiences.