YOU On Demand, the multi-platform entertainment and VoD company in China, has revealed that C Media, a mobile video service provider in China, and certain additional investors, have investe $19 million in the Company in exchange for shares of the Company’s Series E Convertible Preferred Stock.
C Media’s purchase of Series E Shares represents the second phase of C Media’s strategic investment in YOU On Demand. The aggregate amount of C Media’s investment in the Company, including its first phase investment, interim contribution, and second phase investment (together with the other purchasers of Series E Shares), $25 million.
Commenting on this expansion of C Media’s strategic investment in YOU On Demand, Xuesong Song, co-founder, Chairman, CEO and the largest shareholder of C Media said, “The YOU On Demand team, led by Chairman Shane McMahon and CEO Weicheng Liu, continues to make significant progress in building their organisation into a world-class, multi-platform entertainment content company. Their recent expansion into mobile, backed by a key distribution agreement with Huawei, underscores that the Company remains uniquely positioned to capitalize on China’s fast-growing demand for access to quality entertainment anywhere, anytime. As a significant investor in YOU On Demand, C Media looks forward to continuing to utilise our mobile industry expertise and wealth of industry relationships to further support YOD’s future success.”