Sharpening its focus on sports broadcast business
BEIJING, Jan. 23 /PRNewswire-Asia/ -- XFMedia (Nasdaq: XFML), a leading media group in China, announced today that it has entered into a memorandum of understanding to sell all of the outstanding equity interests in Shanghai Hyperlink Market Research Co Ltd, a leading market research company in China, to INTAGE Inc., a Tokyo-based market research leader in Japan, for a purchase price of 1,050,000,000 Yen (approx. USD 11.86 million).
“While Hyperlink has continued to build on its reputation as a leading market research company in China, we have decided to focus our resources on our high margin broadcast business with a particular focus on sports,” said Ms. Fredy Bush, XFMedia CEO. “We believe this transaction provides the best environment for both XFMedia and Hyperlink to achieve a new level of success.”
Established in 1997, Hyperlink is a leader in consumer trends research and data in the fast-growing China market. The sale is subject to execution by the parties of a binding sale and purchase agreement, which is expected to occur by January 31, 2009.
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 .
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-F. 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.
