KU6 Media CO., Ltd. (KUTV)

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Ku6 Media controlling shareholder to sell 41% stake to Xu Xudong
theflyonthewall.com
52 minutes ago

Ku6 Media announced that on March 31 the controlling shareholder of the company, Shanda Media, signed a share purchase agreement with Xu Xudong, to sell 1,938,360,784 ordinary shares of the company, amounting to approximately 41% of the company's issued and outstanding share capital, to Xu. Shanda Media currently owns approximately 70.5% of the company’s shares. Xu is the founder and controlling shareholder of Sky Profit Limited, which operates iSpeak, a social platform that allows users to engage in real-time online group activities through voice, text and video. The aggregate consideration for the sale shares will be determined based on the lower of the market price of the company’s ADSs during the seven consecutive business days immediately prior to the closing of the transaction and the closing price of the company’s ADSs on the closing date. Xu will fund the purchase price through a loan from Shanda Media, which will be secured by a pledge of all the company’s shares beneficially owned by Xu. The transaction is expected to be completed by April 30.

http://finance.yahoo.com/news/ku6-media-controlling-shareholder-sell-141331115.html