BEIJING and SHANGHAI, Aug.
17 /PRNewswire-Asia/ -- Ku6 Media Co., Ltd. (formerly named
Hurray! Holding Co., Ltd.) ("Ku6") (Nasdaq: KUTV), a leader in
online video portal operations in China, and Shanda Interactive Entertainment
Limited ("Shanda") (Nasdaq: SNDA), a leading interactive
entertainment media company in China, today announced that Ku6 and Shanda
have completed the asset transactions entered into on June 1, 2010. Ku6 acquired 75% of an online audio
business from Shanda in exchange for 415,384,615 newly issued
ordinary shares of Ku6 and acquired the remaining 25% from a
minority shareholder in exchange for 138,461,539 newly issued
ordinary shares of Ku6. Shanda acquired Ku6's recorded music and
wireless value-added services businesses in exchange for an
aggregate of US$37,243,904 in
cash.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (Nasdaq: KUTV) is a leading online video
company in China. Through its two
premier online brands and online video websites, www.ku6.com and
www.juchang.com , Ku6 provides video information service and
entertainment in China. As a
leading online video portal, www.ku6.com provides a video platform
for sharing and watching user-generated content. It also provides
online video news, reports, and other interactive entertainment
programs for its users. Ku6's www.juchang.com offers a broad array
of copyright compliant content, such as movies, television series,
and other video programs sourced from Ku6's global content
partners, with all content having high definition quality and fast
download speeds for seamless viewing. For more information about
Ku6, please visit http://www.ku6.com .
About Shanda Interactive Entertainment Limited
Shanda Interactive Entertainment Limited (Nasdaq: SNDA)
("Shanda") is a leading interactive entertainment media company in
China, offering a broad array of
online entertainment content on an integrated service platform to a
large and diverse user base. Shanda offers its high quality
entertainment content through its subsidiaries and affiliates,
including Shanda Games, Shanda
Literature, Ku6, and various other online community and business
units. The broad variety of content ranges from massively
multi-player online role- playing games (MMORPGs) and advanced
casual games, to chess and board games, e-sports, literature, film,
television, mobile ringtones and music, etc. By providing a
centralized platform through which Shanda can deliver its own
content as well as third-party content, Shanda allows its users to
interact with thousands of other users while enjoying some of the
best entertainment content available in China today. Shanda: "Interaction enriches
your life". For more information about Shanda, please visit
http://www.snda.com .
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes" and similar
statements, which include without limitation statements regarding
Ku6's and Shanda's respective abilities to achieve synergies with
their respective acquisitions and to capture opportunities in the
internet and media market in China. The accuracy of these statements may be
affected by a number of risks and uncertainties that could cause
actual results to differ materially from those projected or
anticipated, including: the risk that this or any future
transaction will not create the operational and financial results
that the management and boards of directors of Ku6 and Shanda
expect, including in particular the possibility that this
transaction may not be accretive to earnings in any future period
or that Ku6 or Shanda will not continue to be able to attract users
in China; the risk that Ku6 or
Shanda will not be able to effectively manage or utilize their
respective acquired assets; the risk that the popularity of video
or audio-related online services or other interactive media will
not continue to grow or that it may decrease; the risk that this
and any future transaction could divert management's attention from
Ku6's or Shanda's operations, which could adversely affect results
of operations; and the risks outlined in our filings with the
Securities and Exchange Commission, including our registration
statements on Form F-1. We do not undertake any obligation to
update this forward-looking information, except as required by
law.
For more information, please contact:
For Ku6:
Matthew Zhao
Investor Relations Officer
Phone: +86-10-5758-6818 in Beijing
Email: ir@ku6.com
For Shanda:
Dahlia Wei, IR Associate Director
Elyse Liao, IR Senior Manager
Phone: +86-21-5050-4740 in Shanghai
Email: IR@snda.com
SOURCE Ku6 Media Co., Ltd.
Copyright . 17 PR Newswire
