DVN and Hisense Elec Sign Digital TV Pact Sep 29, 2003

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Digital television technology provider DVN (Holdings) Ltd. said Monday it has signed a cooperation agreement with China-based Hisense Electric Co. to develop a digital TV business in mainland China.

DVN will provide Hisense with the technology to manufacture digital broadcasting receivers, or set-top boxes, which Hisense will produce and sell.

"Not only will Hisense be the key producer and sales force, it will also support the finance for all production cost," DVN said in a statement. "As its partner, DVN will receive from Hisense licensing fees based on the actual production volume of the set-top boxes."

The financial details of the agreement were not disclosed.

Analysts expect China to have about 30 million digital TV subscribers by 2005. (Dow Jones)

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