Sun Tv Online

Nasdaq-traded Chinese portal Sina.com has signed a definitive agreement to acquire 29 percent of Sun Television Cybernetworks Holdings Limited (Sun TV), a satellite TV broadcaster and a Cable TV program syndicator reaching more than 30 million households in Greater China.

Under the terms of the agreement, SINA will acquire 29 percent of Sun TV's outstanding shares from Yang Lan, Chairperson of Sun TV, who will continue to serve in her post.

The acquisition will cost Sina $8 million in cash and approximately 4.6 million in newly issued Sina shares, representing 10 percent of Sina shares, plus approximately 2.5 million newly issued Sina shares, based on future performance of Sun TV over the next 18 months.

Sina and Sun TV will initiate joint marketing and promotion, cross- selling to respective advertisers, syndication and promotion of respective programs in each other's networks, as well as jointly creating interactive online and TV programming.

Additionally, Sina and Sun TV will cooperate to further advance Sun TV's already significant development in Interactive TV/ Broadband programming technology.

"With the impending entry of China into WTO, the multi-nationals are poised to dramatically increase their spending for brand building in China," said Yang Lan, Chairperson of Sun TV. "Sun TV and SINA together will be a leading media to take advantage of the oncoming advertising and media revolution in Greater China." -(World IT Report)

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