C-Media completes investment in YOU On Demand
Louise Duffy | 04-02-2014
Chinese mobile service provider C Media has completed its investment in VOD platform YOU On Demand with a $19 million payment in exchange for shares, bringing its total investment to $25 million.
Xuesong Song, co-founder, chairman, CEO and the largest shareholder of C Media, said: "The YOU On Demand team, led by chairman Shane McMahon and CEO Weicheng Liu, continues to make significant progress in building their organisation into a world-class, multi-platform entertainment content company. Their recent expansion into mobile, backed by a key distribution agreement with Huawei, underscores that the company remains uniquely positioned to capitalise on China's fast growing demand for access to quality entertainment anywhere, any time. As a significant investor in YOU On Demand, C Media looks forward to continuing to utilise our mobile industry expertise and wealth of industry relationships to further support YOD's future success."
Shane McMahon, chairman of YOU On Demand, said: "We are excited that C Media has elected to significantly expand their strategic investment in YOU On Demand and fully fund the company for the foreseeable future. In addition to providing us with funding to assist our company at this important inflection point in our corporate evolution, we also look forward to continuing to benefit from Mr Song's tremendous experience and success doing business in China, as well as C Media's mobile industry expertise. With C Media's ongoing support, we will continue YOU On Demand's mission to provide consumers with the best and highest quality entertainment experiences across a wide array of user-friendly platforms."
The completion of the investment gives C-Media three of YOU On Demand‘s seven board seats. Current board members Michael Jackson and Michael Birkin resigned to make room for the C-Media representatives, Jin Shi, Clifford Higgerson and Arthur Wong.
McMahon added: "We are honoured to have, Mr Shi, Mr Higgerson and Mr Wong join our board of directors. All three are highly accomplished executives in their respective fields and their collective experience will be invaluable in helping to shape and grow YOU On Demand. The board of directors and the management of the company would like to thank Mr Birkin and Mr Jackson for their considerable contributions and wish them much success in their future endeavours."