C Media mobile ups investment in China VoD
YOU On Demand the first national VoD platform in China, has announced that C Media Limited, a China-based mobile video service provider, has raised its strategic investment in YOU On Demand, increasing its present stake to $6 million with a $2 million Convertible Bridge Note financing.
The Bridge Note would convert to Preferred Stock upon consummation of the proposed Phase 2 investment and would bring the total C Media Phase 2 investment in YOU On Demand to $12 million.
Xuesong Song, co-founder, Chairman and CEO of C Media stated, “This increased investment in YOU On Demand further underscores C Media’s growing confidence in the YOU On Demand team and represents what we believe is an exciting opportunity to jointly capitalize on China’s fast-growing mobile and digital cable entertainment space together with a truly innovative partner. Based on their satisfaction of certain additional closing conditions that we anticipate will be completed prior to the December deadline, we expect to further expand upon our current $6 million investment in YOU On Demand later this year.”
Shane McMahon, Chairman of YOU On Demand, stated, “We are extremely pleased with the working relationship we have developed with C Media over the past several months and appreciate their continued support and confidence. We look forward to making additional progress with the execution of our business plan, and specifically doing so with our C Media partnership.”
YOU On Demand has content distribution agreements in place with many of Hollywood’s top studios including Disney Media Distribution, Paramount Pictures, NBC Universal, Warner Bros., Miramax Films, Lionsgate and Magnolia Pictures, as well as a broad selection of the best content from Chinese filmmakers.