Shanda Completes Ku6 Deal
Chinese online game firm Shanda Interactive Entertainment Limited announced that it has completed its business swap with Ku6 Media Company Limited.
The companies entered into the transaction on June 1, 2010. Ku6 has now acquired 75% of an online audio business from Shanda in exchange for 415,384,615 newly issued ordinary shares of Ku6, and it acquired the remaining 25% from a minority shareholder in exchange for 138,461,539 newly issued ordinary shares of Ku6.
Shanda acquired Ku6’s recorded music and wireless value-added services businesses in exchange for an aggregate of USD37,243,904 in cash.