The Disney-affiliated venture capital firm Steamboat Ventures invested this week in a Shanghai advertising company that inserts ads into streaming online video. The Chinese firm is CTS Media.

Steamboat Ventures is headquartered in Burbank, California, but has had an office in Hong Kong now for about a year. Disney, you'll recall, opened a theme park in Hong Kong in 2005. Two other California venture capital companies, Draper Fisher Jurvetson and Sequoia Capital, are also involved in the Steamboat-CTS deal.

The CTS deal will probably give Disney a future outlet for the legal distribution of online video in China. It is the third media investment Steamboat has made in China in the last six months. In December the Disney firm bought into a video-sharing website called 56.com. In March it bought into China's largest online TV company, UUSee. That company has about 36 million users, according to Dow Jones. Draper Fisher Jurvetson and Sequoia were both part of that deal, as well.