China Television Media and Focus Media announced yesterday that they have signed an equity purchase agreement. Under the agreement, Focus Media will be the price of $ 3.979 per share (equivalent per American Depositary Share (ADS) 3.979 U.S. dollars), China Television Media to subscribe for newly issued shares of common stock of approximately 1533, the subscription price is about 61 million dollars.
In addition, Jason Jiang, chairman of Focus entity owned by JJ Media Investment Holding Limited ("JJ Media"), and China Television Media CEO Li Limin entities beneficially owned by Front Lead Investments Limited ("Front Lead") (collectively, the "Investor "), but also the price will be $ 3.979 per share (equivalent per American Depositary Share (ADS) 3.979 U.S. dollars), China Television Media Subscription their newly issued 1,022,087 shares of common stock, each of the subscription price was about 400 million dollars.
The transaction is expected to be completed early in January 2011. After the transaction, an entity owned FrontLead Li Limin will remain the largest shareholder of China Television Media, China Television Media holding outstanding shares of 17.2%. Focus Media will hold the outstanding shares of China, as the media, about 15%, while China Television Media JJMedia will hold 1% of outstanding shares.
Chinese shares rose on Thursday as the media, 20.67%, to close at $ 4.67. Over the past 52 weeks, CTS Media lowest price was 2.51 U.S. dollars, up to $ 11.85.