China Central Television (CCTV) has formed a new bureau for its national Internet TV Station, which will have independent broadcasting and production rights, as well as exclusive online broadcasting rights to some events, reports Southcn.com quoting CCTV.com General Manager Wang Wenbin. The station will draw content from 28 TV and 28 online CCTV channels, said Wang. An insider said that CCTV's initial investment in the Internet TV station will exceed RMB 200 million, and CCTV.com may construct an online video sharing platform, said the report.

CCTV earned more than RMB 17 billion in 2008 ad revenue and hopes new media will generate more than 25% of its total revenue within three years, said China Digital TV Editor-in-Chief Bao Ran.

CCTV.com spent RMB 20 million for exclusive online broadcasting rights to the 3800-hour Olympic program in the mainland and Macao in December 2007; the media giant earned nearly RMB 600 million by selling the rights to portals including Sina (Nasdaq:SINA) and Tencent (700.HK) and more than ten online video sites, said the report.