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HURRAY! - ENLIGHT MEDIA MERGER

Chinese firms Enlight Media, Hurray! merge

26 November, 2007:

Hurray! Holding Company Limited – a company engaged in artist development, music production, wireless music distribution, and other wireless value-added services – has merged with Enlight Media Limited, a private company producing and distributing entertainment content.

Both companies are based in China. Following the merger, the combined company will be renamed Hurray! Enlight Media Group, according to China’s official news agency Xinhua.

Hurray! is a an online distributor of music and music-related products such as ringtones, ringbacktones, and truetones to mobile users in China through the full range of wireless value-added services platforms over mobile networks and through the internet.

Hurray! is also a leading player in artist development, music production, and offline distribution in China through its record labels Huayi Brothers Music, Freeland Music, New Run Entertainment and Secular Bird, according to Xinhua. Besides, the company provides a wide range of other wireless value-added services to mobile-phone users in China, including games, pictures and animation, community and other media and entertainment services.

Enlight Media Limited is one of the largest private producers and publishers of entertainment programs in China. It produces four hours of daily entertainment, news, music, fashion, and reality shows.

Enlight’s programs are broadcast through over 600 television channels in China, including one national digital pay-television channel. Enlight is also a leading organiser of events and concert in China – in the fields of award ceremonies, music, television drama, fashion, and modeling.

The company, according to Xinhua, distributed five full-length motion pictures and over 200 hours of television drama in 2007. It also has an entertainment-video library with over 50,000 hours of content and a video website.

The merger of Hurray! Holding Company Limited and Enlight Media Limited, adds Xinhua, has created one of the largest domestically-based entertainment content and distribution companies in China.

Changtian Wang, founder, chief executive officer and president of Enlight, was quoted as commenting, “We believe that China has room for a huge domestic media, like media giants such as Time Warner and News Corp are in the United States, and we intend to fill that position.”

Changtian Wang will become the CEO and chairman of the combined company, while Hurray’s president Wang Shaojian would be the CFO.

The new company would be 42% owned by Enlight Media, and its share could increase up to 65% in two years if the average share price exceeds $8.5 for 60 consecutive trading days.

 

 

 
         
 

 

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