皇冠体育app

By Wang Xing (皇冠体育app Daily)
Updated: 2007-11-20 09:45

Mobile phone ring-tone provider Hurray Holding yesterday announced it would merge with 皇冠体育app'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 皇冠体育app's wireless value-added service providers - has been striving to reduce reliance on content providers and telecom operators, such as 皇冠体育app 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 皇冠体育app 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.

"皇冠体育app has already had many world-class companies, such as Bank of 皇冠体育app and 皇冠体育app 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 皇冠体育app'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.