BEIJING, Feb. 5, 2016 /PRNewswire/ -- Ku6 Media
Co., Ltd. ("Ku6 Media" or the "Company," NASDAQ: KUTV), a
leading internet video company focused on User Generated Content in
China, today announced that in
response to the preliminary non-binding proposal letter dated
February 1, 2016 (the "Proposal")
received by the Company's Board of Directors (the "Board") from
Shanda Interactive Entertainment Limited, the controlling
shareholder of the Company (the "Proposing Buyer"), to acquire the
Company in a "going private" transaction, the special committee
(the "Special Committee") of independent directors has selected
Weil, Gotshal & Manges LLP as its U.S. legal counsel and Duff
& Phelps, LLC and Duff & Phelps Securities, LLC (together,
"Duff & Phelps") as its financial advisor to assist it in
its evaluation.
As previously announced, the Proposal contemplates the Proposing
Buyer acquiring the Company for US$0.0108 per class ordinary share, or
US$1.08 per American depositary
shares (each representing 100 ordinary shares).
The Special Committee has not set a definitive timetable for the
completion of its evaluation of the proposed transaction or any
other alternative transaction (if any) and does not currently
intend to announce developments unless and until an agreement has
been reached. There can be no assurance that any definitive offer
will be made by the Proposing Buyer or any other person, that any
definitive agreement will be executed relating to the proposed
transaction, or that the proposed transaction or any other
transaction will be approved or consummated.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet
video company in China focused on
User Generated Content ("UGC"). Through its premier online brand
and online video website, www.ku6.com, Ku6 Media provides
online video uploading and sharing services, video reports,
information and entertainment in China. For more information about Ku6 Media,
please visit http://ir.ku6.com.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
ability of the Company to consistently derive revenues from its
renewed agreement with Huzhong; the success of Ku6 Media's ability
to sell advertising and other services on its websites; and other
risks outlined in the Company's filings with the Securities and
Exchange Commission, including the Company's annual report on
Form 20-F. Ku6 Media does not undertake any obligation to
update this forward-looking information, except as required under
law.
Contact:
For further information, please contact:
At the Company:
Ms. Wendy
Xuan
Investor Relations Manager
Telephone: +86 10 5758 6819
ir@ku6.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao
Senior Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior
Senior Vice President
(212) 836-9606
aprior@equityny.com
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SOURCE Ku6 Media Co., Ltd.