Chinese Mobile Content Provider Hurray Merging With TV Producer Enlight Media; $160M Deal
By Rafat Ali - Sun 18 Nov 2007 11:57 PM PST
Update: The deal has been announced officially. The combined company will now operate in entertainment content and music production, event organization, mobile gaming, artist agency, movie and TV drama investment and distribution and wireless value-added services, it said. If all price targets are met, Enlight shareholders could own up to 65 percent of the combined company.
Original post: This has been the subject of speculation for a month now: Chinese mobile content and ringtones provider Hurray Holdings is merging with Chinese TV production company Enlight Media, in a deal valued at around $160 million, WSJ reports. The deal may be announced later on Monday, as Hurray reports its Q3 earnings.
Hurray, which is traded on the Nasdaq, would change its name to Hurray Enlight Media Group...after the transaction, the company would be 42 percent owned by the current owners of Enlight, whose CEO would run the combined company. The deal would make the two companies one of the largest independent media content company...such diversification is necessary for mobile content providers in China, due to regulatory crackdown on the providers, as well as the incumbent giant China Mobile’s own forays into content.
Hurray recently sold off its software and system integration business subsidiary Hurray Times Communications Beijing to Taiwan Mobile, for about $4.8 million.
Posted in: Countries, Asia, China, Money, VC M&A
