NEW YORK, Nov. 24, 2015 /PRNewswire/ -- YOU On Demand
Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or "YOD"), a leading
Video On Demand ("VOD") service provider in China, delivering Hollywood movies & premium content to TV
and mobile screens, and Bruno Wu's
Sun Seven Stars Media Group Limited (SSS), one of the largest
private media and investment conglomerates in China, have
reached a definitive agreement on the previously announced
investment proposal from SSS.
The transaction, which was unanimously approved by both
companies' Boards of Directors, is expected to close December 2015, subject to customary approvals,
including approval by holders of a majority of the outstanding
shares of YOD common stock as well as other customary closing
conditions. YOU On Demand's largest shareholders including
Executive Chairman Xuesong Song and
Chairman Shane McMahon have pledged
to vote in favor of the transaction.
For a more detailed summary of the material provisions of the
strategic investment, see YOU On Demand's current report on Form
8-K that will be filed with the U.S. Securities and Exchange
Commission ("SEC") at www.sec.gov.
In addition, YOD intends to file with the SEC a preliminary
proxy statement and a definitive proxy statement and all other
relevant materials in connection with the proposed transaction in
order to obtain the necessary stockholder approvals at YOD's Annual
Meeting. The proxy statement and other relevant materials (when
they become available), and any other documents filed by YOU On
Demand with the SEC, may be obtained free of charge at the SEC's
website at www.sec.gov.
Commenting on the transaction, Chairman of YOU on Demand Shane
McMahon stated, "Bruno Wu and Sun
Seven Stars have been rapidly and deftly building a next generation
world-class entertainment company over the last several
years. Combining YOD's capabilities with Mr. Wu's and Sun
Seven Star's reputation, worldwide presence, financial strength and
media relationships, will greatly enhance YOD's ability to meet the
expanding needs and tastes of China's paid content consumers. We see
this transaction as a perfect opportunity to position us for growth
in the short and long term. We look forward to laying out in
more detail YOD's mutually beneficial strategic plans, at the close
of this transaction."
About YOU On Demand Holdings, Inc.
(http://corporate.yod.com)
YOU On Demand (NASDAQ: YOD), is a leading multi-platform
entertainment service company delivering premium content, including
leading Hollywood movie titles, to
customers across China via
Subscription Video On Demand and Transactional Video On Demand. The
Company has secured alliances with leading global media operators
and content developers. YOU On Demand has content
distribution agreements in place with many of Hollywood's top
studios including Disney Media Distribution, Paramount Pictures,
NBC Universal, Twentieth Century Fox Television Distribution,
Miramax, as well as a broad selection of the best content from
Chinese filmmakers. The Company has a comprehensive end-to-end
secure delivery system, governmental partnerships and approvals and
offers additional value-added services. YOU On Demand has strategic
partnerships with the largest media entities in China, a highly experienced management team
with international background and expertise in Cable, Television,
Film, Digital Media, Internet and Telecom. YOU On Demand is
headquartered in both New York, NY
and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Particular forward-looking statements in this
release include statements regarding the closing of the transaction
with SSS, and the effects of the business partnership with
SSS. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company's actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
CONTACT:
Jason
Finkelstein
YOU On
Demand
212-206-1216
jason.finkelstein@yod.com
@youondemand
corporate.yod.com
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SOURCE YOU On Demand Holdings, Inc.