YOU On Demand receives $2m injection from C Media
Louise Duffy | 06-11-2013
Chinese VOD platform YOU On Demand has received a $2 million investment from China-based mobile internet company C Media, bringing the latter's total investment in the company to $6 million.
Xuesong Song, co-founder, chairman and CEO of C Media said: "This increased investment in YOU On Demand further underscores C Media's growing confidence in the YOU On Demand team and represents what we believe is an exciting opportunity to jointly capitalise on China's fast-growing mobile and digital cable entertainment space together with a truly innovative partner.
"Based on their satisfaction of certain additional closing conditions that we anticipate will be completed prior to the December deadline, we expect to further expand upon our current $6 million investment in YOU On Demand later this year."
Shane McMahon, chairman of YOU On Demand, added: "We are extremely pleased with the working relationship we have developed with C Media over the past several months and appreciate their continued support and confidence. We look forward to making additional progress with the execution of our business plan, and specifically doing so with our C Media partnership."