KU6 MEDIA AGREES TO BUY PIPI.CN

AsiaInfo Services
04-21-2011
Ku6 Media Agrees to Buy Pipi.cn

BEIJING, Apr 21, 2011 (SinoCast Daily Business Beat via COMTEX) -- Ku6 Media Co., Ltd. (NASDAQ: KUTV), one of the renowned online video-sharing platforms in China, announces today that it will buy a 100% stake in Pipi.cn, a P2P video site based in Hangzhou, through an additional share offering.

Ku6 Media has entered into an agreement with the shareholders of Pipi.cn in the deal, under which Ku6 Media will float a total of 2.212 billion common shares to the Pipi.cn shareholders in exchange for all the shares in Pipi.cn. Ku6 Media is expected to see the P2P video platform become its wholly-owned subsidiary after the deal, says the Beijing-based company.

The proposed acquisition, still subject to an approval from the shareholders at the upcoming extraordinary shareholder meeting, is estimated to come to an end in the second quarter of this year. The acquisition will make Ku6 Media the first online video platform operator in China to extend an intensive reach to the browser terminal and the player terminal.

Source: www.163.com (April 21, 2011)

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