XFMedia Expands with Four New Nationwide Digital Pay TV Channels
09 Ottobre 2008 - 12:30PM
PR Newswire (US)
BEIJING, Oct. 9 /Xinhua-PRNewswire-FirstCall/ -- XFMedia
(NASDAQ:XFML), a leading media group in China, announced today that
it has signed an agreement to acquire a company that gives it a
significant interest in four digital pay TV channels with
nationwide coverage in China. Chinese release download:
http://www.xfmedia.cn/cn/press-center/press-releases/pdf/pr081009_cn.pdf
Under the Agreement, XFMedia will acquire a company that has an
interest in Tianjin Shidai Tianchuang Co. Ltd. ("Shidai
Tianchuang"), which operates the four digital pay channels. Shidai
Tianchuang intends to apply for government approval to reposition
the channels to further expand their reach into China's upwardly
mobile demographic. The number of households in China with digital
pay TV connections grew to 27.3 million last year from 12.9 million
in 2006, according to a report by Informa Telecoms and Media Group
on China's media industry. The report predicts that the number of
digital pay TV households will rise to 123 million by 2013,
accounting for half of all digital pay TV connections in the Asia
Pacific region at that time, when the region's pay TV market is
forecasted to be worth US$45 billion. Morgan Stanley, in a report
published in June 2008, said China's digital TV industry has
entered a "hyper growth phase". The Morgan Stanley report said: "As
most Chinese people have gradually satisfied their needs for food
and shelter, they hunger for high-quality media content �� Going
forward, the media industry will likely see the fastest growth in
consumer demand and wealth creation in China." Under the Agreement,
XFMedia will purchase 100% of China Media Network Ltd, which will
hold a 49% interest in Shidai Tianchuang. It will also acquire a
majority interest in the companies operating the four channels (the
"JV Companies"), giving it rights to the majority of the profits
from the whole venture. XFMedia will make an initial cash payment
of US$5 million upon signing the Agreement. XFMedia will make a
further cash payment of US$10 million, and issue two million Class
A common shares (one million ADS) of XFMedia if certain conditions
are met, including the successful repositioning of the channels,
the transfer of the equity interest in Shidai Tianchuang, and the
establishment of the JV Companies. About XFMedia Xinhua Finance
Media ("XFMedia"; Nasdaq: XFML) is a leading media group in China
with nationwide access to the upwardly mobile demographic. Through
its synergistic business groups, Broadcast, Print and Advertising,
XFMedia offers a total solution empowering clients at every stage
of the media process and connecting them with their target
audience. Its unique platform covers a wide range of media assets,
including television, radio, newspaper, magazine, outdoor, online
and other media assets. Headquartered in Beijing, the company has
offices and affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more information,
please visit http://www.xfmedia.cn/ . Safe Harbor Statement This
announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," 'confident' and similar statements. Among other
things, quotations from management in this announcement contain
forward-looking statements. Statements that are not historical
facts, including statements about XFMedia's beliefs and
expectations are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in
any forward-looking statements. Potential risks and uncertainties
include, but are not limited to, risks outlined in XFMedia's
filings with the U.S. Securities and Exchange Commission, including
its annual report on Form -20-F. All information provided in this
press release is as of the date hereof, and XFMedia undertakes no
duty to update such information, except as required under
applicable law. For more information: Media Contact Joy Tsang
XFMedia Tel: +86-21-6113-5999 Email: Lindsay Koval AGG
International Tel: +1-212-614-4170 Email: IR Contact Edward Liu
XFMedia Tel: +86-21-6113-5978 Email: Howard Gostfrand American
Capital Ventures Tel: +1-305-918-7000 +1-877-918-0774 (toll free)
Email: DATASOURCE: Xinhua Finance Media CONTACT: Media Contact -
Joy Tsang of XFMedia, +86-21-6113-5999, or ; Lindsay Koval of AGG
International, +1-212-614-4170, or ; IR Contact - Edward Liu of
XFMedia, +86-21-6113-5978, ; Howard Gostfrand of American Capital
Ventures, +1-305- 918-7000, toll free +1-877-918-0774,
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