China Oriental Culture Makes Big Mobile TV Acquisition
China Oriental Culture Group Limited has announced that the Company has entered into an Acquisition Agreement to acquire the effective interests of Hunan Mobile TV and Beijing Jiahua.
Hunan Mobile TV is the largest operator of the terrestrial digital television network at the provincial level, with a sizeable number of household subscribers amounting to about 300,000.
Beijing Jiahua is principally engaged in the development and promotion of arts and culture related activities in the PRC. The current activity of Beijing Jiahua is to assist the provincial television stations in the production of TV drama and TV programs.
Commenting on the agreement, Mr. Li Qing, Executive Director of the Company, said:
The Acquisition provides synergies to the Group's existing capabilities in the outdoor advertising and TV drama production businesses in the PRC, and provide an excellent opportunity for the Group to expand its cross-media platform."
China Oriental Culture Group Limited, 'The Company' will acquire 49% of Hunan Mobile TV and 95% in Beijing Jiahua, owned by Qingda Tech.