YOU On Demand sells Jinan interest for $4.7m
August 7, 2013
YOU On Demand, the Chinese VoD platform in China, has entered into a definitive agreement to sell its interest in Jinan Broadband to Shandong Broadcast Network for total consideration of RMB 29,000,000 (approximately $4.7 million in cash), subject to customary closing conditions.
YOU On Demand Chairman, Shane McMahon, said, “With our senior management team and additional financing in place, it is time for YOU On Demand to reduce its investment of financial and management resources in it legacy business, Jinan Broadband, and re-deploy those assets for the benefit of YOU On Demand’s core businesses. Following completion of the transaction, YOU On Demand will be focused exclusively on growing its media distribution platform across China and executing on growth initiatives through continued investments in new content delivery platforms.”