HONG KONG (Reuters) ? ChinaVision Media Group Ltd said it would buy a movie and television content producer, China Entertainment Media Group Ltd, from its chairman and others for HK$2.02 billion ($260 million) to be paid by the issue of new shares.
ChinaVision also agreed to form a strategic partnership with Tencent Holdings to promote and distribute Chinavision's movie, television and other contents on Tencent's broad online platform, it said in a statement late on Friday.
Tencent, China's largest Internet firm, will subscribe HK$247.8 million worth of new shares in ChinaVision, it added.
The new shares will be issued at HK$0.40 each, representing 14 percent of the stock's last close of HK$0.465 prior to the trading suspension on September 20, pending the statement.
The consideration will represent about 65.1 percent of the company's enlarged share capital after the transactions, and Tencent's subsidiary THL will own about 8 percent of the company.
The transactions are conditional and pending regulatory and shareholder approvals, it said. Trading in the stock is expected to resume on Monday.
ChinaVision and China Entertainment could utilize each other's content delivery platforms and share resources and expenses to lift efficiency after the deal.
Chinavision is an investment holding company with subsidiaries engaging in the mobile news media, print media and television and film businesses.
For a company statement please click:
http://www.hkexnews.hk/listedco/listconews/sehk/20111021/LTN20111021430.pdf
(Reporting by Alison Leung; Editing by Will Waterman)
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