Company Invests in Hong Kong-Based All Sports Network
BEIJING, Sept. 19 /Xinhua-PRNewswire-FirstCall/ -- XFMedia (Nasdaq: XFML), a leading media group in China, announced that it has invested US$ 2 million for a 15.5% stake in All Sports Network (“ASN”). ASN is scheduled to be launched by Hong Kong based Yes TV in September 2008. XFMedia has exclusive distribution rights via mobile, television, internet and radio, to ASN’s content in China.
Chinese release download:
http://www.xfmedia.cn/cn/press-center/press-releases/pdf/pr080919_cn.pdf
ASN will offer exclusive coverage of North America’s biggest sports leagues in HDTV (high definition television), including the NHL (National Hockey League), the NFL (National Football League), NCAA basketball and football, March Madness and the Final Four. ASN will also offer coverage in Asia for the top college conferences in the USA including the Big Ten, Pac 10, SEC and ACC, including basketball, baseball, tennis, swimming, golf, football, soccer, track and field and gymnastics. Additionally, there will be extensive coverage of motor sports and extreme sports such as snowboarding, surfing, and skateboarding. ASN is expected to generate revenue through subscriptions, advertisings and sponsorships.
"We are excited by the prospects of our investment and new venture with Yes TV as it gives us exclusive distribution rights to high value sports content in China," said XFMedia CEO Ms Fredy Bush. "Quality international sports content is one of the top commercial opportunities in the China media field today. It is a very efficient way to make contact with the upwardly mobile and high net worth demographic that is at the heart of XFMedia’s strategy." Ms. Bush added, “We are well positioned to capitalize on this high growth opportunity with our strong, multi-platform distribution capability in China.”
Thomas Kressner, CEO & Chairman of Yes TV, commented, “The value of sports content is growing rapidly across Asia, particularly North American sports. We believe there will be significant and growing demand for this content in all major markets, especially China. Going forward, ASN will continue to bring key sports properties to Asia.” Mr. Kressner added, “XFMedia’s broad distribution capabilities and commitment to YES TV via their investment, validates our business model and will help us expand our footprint throughout Asia.”
About XFMedia
Xinhua Finance Media (“XFMedia”; Nasdaq: XFML) is a leading media group in China with nationwide access to the upwardly mobile demographic. Through its synergistic business groups, Broadcast, Print and Advertising, XFMedia offers a total solution empowering clients at every stage of the media process and connecting them with their target audience. Its unique platform covers a wide range of media assets, including television, radio, newspaper, magazine, outdoor, online and other media assets.
Headquartered in Beijing, the company has offices and affiliates in major cities of China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. For more information, please visit http://www.xfmedia.cn .
About Yes Television (Hong Kong) Ltd
Yes Television (Hong Kong) Limited is a pan-Asia media company focusing on sports content. It launched the dedicated football network -- GOALTV(TM) in 2004. GOAL TV1 and GOAL TV2 are two 24-hour channels featuring comprehensive coverage including exclusive LIVE games from major European leagues and behind-the-scenes access to Manchester United, Chelsea, Liverpool, Barcelona and Bayern Munich.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," ‘‘confident’’ and similar statements. Among other things, quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about XFMedia’s beliefs and expectations are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. Potential risks and uncertainties include, but are not limited to, risks outlined in XFMedia’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20. All information provided in this press release is as of the date hereof, and XFMedia undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
XFMedia
Media Contact
Joy Tsang
XFMedia
Tel: +86-21-6113-5999
Email: joy.tsang@xfmedia.cn
IR Contact
Edward Liu
XFMedia
Tel: +86-21-6113-5978
Email: edward.liu@xfmedia.cn
Howard Gostfrand
American Capital Ventures
Tel: +1-305-918-7000 or Toll Free: +1-877-918-0774
Email: info@amcapventures.com
Yes Television (Hong Kong) Ltd
Vincy Lam
Tel: +852-2289-0500
Email: vincy.lam@yes.tv
