Paul, Weiss client Microsoft Corporation has signed a Joint Venture Contract with Chinese company BesTV New Media Co., a subsidiary of Shanghai Media Group.

Up to $237 million will be invested in the joint venture, which will engage in the development and distribution of software and related products for home gaming entertainment in China.

The joint venture will have a registered capital of $79 million under which Microsoft will hold a 49 percent stake and BesTV a 51 percent stake. BesTV announced the joint venture in a statement to Shanghai's stock exchange on September 23.

The Paul, Weiss team advising Microsoft on the transaction included corporate partner Jeanette Chan.