Bringing media streaming company Netflix into China is progressing as it is believed that the company is in early negotiations with executives from at least two Chinese media firms.

The Wall Street Journal reported that Netflix is talking with Shanghai-based BesTV New Media Co. and Alibaba-backed Wasu Media Holding Co. about the possibility of a partnership.

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Netflix, known for its expansion into carrying full-season TV shows and presented in whole, declined to comment but representatives from the two Chinese companies have granted interviews with WSJ.

BesTV Vice President Xu Feng the company would "love to cooperate" with the American company because of its "global influence" but there are policy restrictions regarding foreign online content imposed by the Chinese government that still have to be ironed out.

An unnamed executive from Wasu also cited the country's online content policies, as a possible hindrance in striking a deal with Netflix. Meanwhile, Fortune reported May 15 that shares of Netflix went up 5 percent and past the $600 mark following the report of a possible expansion in China.

The unconfirmed report, however, was backed by an earlier statement from Netflix CEO Reed Hastings where he said they are considering the expansion into the Asian giant.

Bloomberg News reported that the streaming company's chief content officer, Ted Sarandos, said in an interview May 15 that China is a different market and that the company does not have any experience in such a market.

“We are also aware that there are unique operating models we’ve not worked in before, we’ve not acquired companies, we’ve not worked with partners before in any of our territories. ...If that’s the cost of doing business in China we will figure that out," Sarandos said, according to Bloomberg.

The news outlet also reported that online TV is expected to have an audience worth about 90 billion yuan by 2018, Shanghai-based Internet consultant IResearch.

Some of Netflix's original series include the widely successful "House of Cards" and "Orange is the New Black."

Tagsnetflix, netflix in china, online, BesTV New Media Co Ltd, Media censorship