Xinhua Sports & Entertainment Limited (”XSEL”) (Nasdaq: XSEL), a leading media group in China, has announced that it has entered into a conditional agreement to sell the entire 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 (approximately US$ 10.69 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 and entertainment,” said Ms. Fredy Bush, XSEL CEO. ”We believe this transaction provides the best environment for both XSEL 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. XSEL previously announced that it had signed a memorandum of understanding to sell Hyperlink to INTAGE on January 23, 2009. The agreement is subject to fulfillment of certain conditions, and is expected to close in the second quarter of 2009.
Xinhua Sports & Entertainment Limited (”XSEL”; NASDAQ: XSEL) is a leading sports and entertainment media company in China. Catering to a vast audience of young and upwardly mobile consumers, XSEL is well-positioned in China with its unique content and access. Through its key international partnerships, XSEL is able to offer its target audience the content they demand — premium sports and quality entertainment. Through its Chinese partnerships, XSEL is able to deliver this content across a broad range of platforms, including television, the Internet, mobile phones, cinema, university campuses and other multimedia assets in China. Along with its in-house advertising resources, XSEL offers a total solution empowering clients at every stage of the media process linking advertisers with China’s young and upwardly mobile demographic.
Headquartered in Beijing, the Company employs more than 1,350 people and has offices and affiliates in major cities throughout China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. Xinhua Sports & Entertainment Limited shares are listed on the NASDAQ Global Market (NASDAQ: XSEL).