Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Leisure, Fun & Tourism Tools: Save | Print | E-mail | Most Read | Comment
Merger forms biggest media content provider
Adjust font size:

Mobile phone ring-tone provider Hurray Holding yesterday announced it would merge with China's largest private television program producer Enlight Media to create the country's largest independent media content provider.


Under the terms of the deal, Enlight Media would inject all of its assets into the NASDAQ-listed Hurray, which would then change its name to Hurray Enlight Media Group Ltd.


The new company would be 42 percent owned by Enlight Media, and its share could grow up to 65 percent in two years if the average share price exceeds $8.5 for 60 consecutive trading days.


Enlight Media's president Wang Changtian would become president and CEO of the new company, while Hurray's president Wang Shaojian would become CFO.


Both sides refused to disclose the deal's value, but the Wall Street Journal estimated yesterday that the deal could have been valued at about $160 million, citing anonymous sources.


In recent years, Hurray - like all of China's wireless value-added service providers - has been striving to reduce reliance on content providers and telecom operators, such as China Mobile, which have actively tapped the wireless sector to compensate for declining revenue from traditional voice services.


The company has acquired several music production companies and game developers in China in hopes of boosting diminishing revenues.


After the deal, Hurray's business in music, games and Internet and wireless channels would be incorporated with Enlight Media's traditional content and channel resources, creating a media and entertainment conglomerate comparable to News Group, Viacom or Disney, Wang said.


"China has already had many world-class companies, such as Bank of China and China Mobile," Wang said. "We believe there will be some Chinese media and entertainment giants befitting the country's increasing importance in the world economy in the near future."


He said the new company would operate on a scale equal to its foreign counterparts in the next decade.


Established in 1998, Enlight Media is China's largest independent television program producer. It produces four hours of TV programming daily and also operates in the fields of music, film and soap opera production.


In recent years, Enlight Media has been seeking an independent IPO but gave up after the deal with Hurray.


The company's annual revenue reached about 200 million yuan in 2005, according to Wang.


(China Daily November 20, 2007)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号