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China Digital TV wraps management buy-out

Nasdaq-registered China Digital TV has sold its Conditional Access division, Network Broadcasting platform and VoD business. An EGM has approved the sale to existing senior management.

In a somewhat complex reverse takeover restructuring China Digital through the sale of all of the Company’s indirectly-held equity interests in Beijing Super TV Co., Ltd., (“Super TV”), which represent approximately 90.09 per cent of the outstanding equity interests of Super TV, as contemplated by an equity transfer agreement (the “Equity Transfer Agreement”) dated November 7th 2016.

This equity transfer agreement by Golden Benefit Technology Limited, an indirect wholly-owned subsidiary of the Company, Super TV and Changxing Bao Li Rui Xin Technology Co., Ltd., a newly-formed limited liability company collectively owned by several buyer parties, including Jianhua Zhu, CEO of China Digital TV, and Mr. Dong Li, President of Super TV, and to adopt and approve the Equity Transfer Agreement and a voting and support agreement (the “Voting Agreement”) by and among the Company, Super TV and Zhu.

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