BEIJING, June 27, 2016 /PRNewswire/ -- AirMedia Group
Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
that on June 27, 2016, it entered
into an Amendment No. 1 to the Agreement and Plan of Merger (the
"Merger Agreement Amendment") to amend that certain Agreement and
Plan of Merger (the "Merger Agreement"), dated September 29, 2015, by and among the Company,
AirMedia Holdings Ltd. ("Parent") and AirMedia Merger Company
Limited ("Merger Sub"), a wholly owned subsidiary of Parent.
Under the terms of the Merger Agreement, either the Company or
Parent could terminate the Merger Agreement if the merger
contemplated by the Merger Agreement (the "Merger") has not been
completed by the date of June 28,
2016 (the "Termination Date"). The Merger Agreement
Amendment extends this Termination Date to December 31, 2016. In connection with the
proposed Merger, the Company has filed a transaction statement on
Schedule 13E-3, a preliminary proxy statement and related materials
with the Securities and Exchange Commission, and expects to file an
amendment to the Schedule 13E-3 and updated proxy materials with
the SEC in a timely manner. The amendment to the Schedule 13E-3
will include as an exhibit to such filing the Merger Agreement
Amendment.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is an operator of out-of-home
advertising platforms in China
targeting mid-to-high-end consumers as well as a first-mover in the
travel Wi-Fi market. AirMedia sells advertisements on the routes
operated by several Chinese airlines and at Sinopec's service
stations in China. AirMedia also has concession rights to
operate the Wi-Fi systems on trains administered by eight railway
administrative bureaus in China as
well as on many long-haul buses in China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
Investor Contact:
Richard Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn
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SOURCE AirMedia Group Inc.