The Wall Street Journal valued the all-stock at about $160 million.
Under the terms of the deal, which is expected to close in the first quarter of 2008, Enlight's shareholders will receive an approximate 42% stake in Hurray, in exchange for all the outstanding shares of Enlight.
Beijing-based Hurray operates a number of Chinese record labels, and also distributes mobile content such as ringtones and games in
Enlight maintains an entertainment library of over 50,000 hours of content, and distributed five feature-length films and over 200 hours of TV programming in 2007.
The companies said their combination creates one of the largest domestically-based entertainment content and distribution companies in
Enlight founder, CEO and president Changtian Wang will become chairman and CEO of the new company, while Hurray president and CFO Sean Wang will retain those roles, and Enlight vice president Xioping Li will become co-president of the company.
Related Links:
http://biz.yahoo.com/prnews/071119/cnm030.html?.v=9
http://online.wsj.com/article/SB119545078565597699.html
http://www.hurray.com/english/home.htm
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Will third time be luck for the Chinese digital media entertainment provider Hurray? After failing at two previous attempts to be bought, the Nasdaq-traded company has received a new offer from Shanda, the online gaming biggie in China, for a majority stake.