Date
26 September 2017

Shanda sells 41% stake in Ku6, filing says

Shanda Media Group Ltd. will sell 1.94 billion ordinary shares of online video site Ku6 Media Co. Ltd. to Sky Profit Ltd. founder Xu Xudong, Ku6 said in a regulatory filing Tuesday. The sale accounts for about 41 percent of issued and outstanding share capital of Ku6 Media, making Xu the largest shareholder in the company after the deal, expected to be completed on April 30. Shanda holds about 70.5 percent of Ku6 stock. The sale will be priced at the market value of Ku6’s American Depositary Shares during the seven consecutive business days immediately preceding the closing of the deal or the last traded price of Ku6’s ADS on the closing date, whichever is lower, the filing said. Xiaomi Inc. founder Lei Jun is a major shareholder in Sky Profit. Zhou Hongyi, founder of Qihoo 360 Technology Co Ltd., owns 7.91 percent of the group video chat service provider, news portal QQ.com reported Wednesday.

– Contact HKEJ at [email protected]

MY/AC/RA

 

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