BEIJING, June 24, 2011 /PRNewswire-Asia/ -- Ku6 Media Co., Ltd., (Nasdaq: KUTV) ("Ku6" or the "Company"), a leading Internet television company in China, today announced that its shareholders, during its adjourned extraordinary general meeting of shareholders held on June 24, 2011, approved: (i) the change of the authorized share capital of Ku6 to US$600,000 divided into 12,000,000,000 ordinary shares of par value US$0.00005 each, (ii) the issuance of 1,538,461,538 ordinary shares of par value US$0.00005 each of Ku6 to Shanda Media Group Limited (formerly known as Shanda Music Group Limited), or Shanda Media, a wholly-owned subsidiary of Shanda Interactive Entertainment Limited, at a per share price of US$0.0325 (or US$3.25 per ADS), (iii) the issuance of US$50,000,000 aggregate principal amount of 3% senior convertible bond to Shanda Media, and (iv) certain amendments to Ku6's Memorandum and Articles of Association. The shareholders did not approve Ku6's acquisition of Hangzhou Soushi Networking Co., Ltd. ("Pipi") by issuance of 2,212,114,257 ordinary shares of par value US$0.00005 each of Ku6 to the shareholders of Pipi, as contemplated under the Equity Purchase Agreement dated April 20, 2011 by and among Ku6, the shareholders of Pipi and Pipi (the "Equity Purchase Agreement"). As provided in the Equity Purchase Agreement, either Pipi or Ku6 may terminate the Equity Purchase Agreement if the closing of the acquisition is not consummated on or before June 30, 2011.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (Nasdaq: KUTV) is a leading Internet television company in China. Through its two premier online brands and online video websites, www.ku6.com and www.juchang.com, Ku6 provides video information services and entertainment in China.
As a leading online video portal, www.ku6.com provides a video platform for sharing and watching user-generated content. It also provides online video news, reports, and other interactive entertainment programs for its users.
Ku6's www.juchang.com offers a broad array of copyright compliant content, such as movies, television series, and other video programs sourced from Ku6's global content partners, with all content having high definition quality and fast speeds for seamless viewing. For more information about Ku6, please visit http://ir.ku6.com.
