SHANDA MAY BUY KU6.COM FOR OVER USD45MN

AsiaInfo Services
11-27-2009
Shanda May Buy Ku6.com for Over USD45mn

SHANGHAI, Nov 27, 2009 (SinoCast Daily Business Beat via COMTEX) -- Shanda Interactive Entertainment Limited (Nasdaq: SNDA), a leading interactive entertainment media company in China, will buy up Chinese online video provider Ku6.com.

And persons in the know said that Ku6.com might make a stock merger at a price of USD 44 million with Hurray! Holding Co., Ltd. (Nasdaq: HRAY), a wireless service subsidiary under Shanda.

Whereas, an executive from one of the three parties revealed that the price was bound to surpass USD 45 million, but the executive did not give a detailed bid. The new company will be mainly engaged in Ku6.com's online videos, Shanda's music, and Hurry!'s wireless service.

The three parties have not confirmed the above information by now. Remarkably, Shanda will release a financial report on December 2, 2009, and the definite information is expected to be announced.

As of June 30, 2009, Hurry! had had cash and cash equivalents of USD 59.1 million in all. Besides, the price of the deal might hit around USD 60 million, unveiled people familiar with the matter.

Source: www.enet.com.cn (November 27, 2009)

KEYWORD: SHANGHAI INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
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