Beijing-based studio Enlight Media is paying $245m for a 19% stake in China’s largest online ticketing platform Maoyan.
In addition, Enlight Media’s parent company Enlight Holding will acquire a 38.4% stake in Tianjin Maoyan Culture Media for $122.5m in cash and a 6% stake in Enlight Media.
Following the deal, which values Maoyan at around $1.3bn (RMB8.3bn), Chinese billionaire Wang Xing’s stake in the company would be reduced from 85.5% to 31%. The deal is subject to shareholder approval.
Wang Xing is the founder of ecommerce site Meituan.com, which merged with rival Dianping last year. It was announced last month that Maoyan would be spun off from Meituan-Dianping to enable the platform to grow and face competition from rival services.
“We will provide appropriate industry resources to strengthen Maoyan’s involvement in upstream businesses and create a leading internet + integrated entertainment platform,” said Enlight founder and chairman Wang Changtian.
Maoyan covers around 5,200 Chinese cinemas and 120 million users. In...
In addition, Enlight Media’s parent company Enlight Holding will acquire a 38.4% stake in Tianjin Maoyan Culture Media for $122.5m in cash and a 6% stake in Enlight Media.
Following the deal, which values Maoyan at around $1.3bn (RMB8.3bn), Chinese billionaire Wang Xing’s stake in the company would be reduced from 85.5% to 31%. The deal is subject to shareholder approval.
Wang Xing is the founder of ecommerce site Meituan.com, which merged with rival Dianping last year. It was announced last month that Maoyan would be spun off from Meituan-Dianping to enable the platform to grow and face competition from rival services.
“We will provide appropriate industry resources to strengthen Maoyan’s involvement in upstream businesses and create a leading internet + integrated entertainment platform,” said Enlight founder and chairman Wang Changtian.
Maoyan covers around 5,200 Chinese cinemas and 120 million users. In...
- 5/31/2016
- by lizshackleton@gmail.com (Liz Shackleton)
- ScreenDaily
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