NEW YORK: Shane McMahon’s YOU On Demand Chinese VOD platform says it has approved an investment proposal from Bruno Wu’s Sun Seven Stars.<\/p>\n
The news came as the service announced its Q3 results, which saw revenue drop to $476,000 from $645,000, with a net loss of $2.3 million, up from the $2.1 million loss in the same period last year.<\/p>\n
Wu’s Sun Seven Stars Media Group investment firm is set to put $10 million into YOU On Demand at $2.2 per common stock share. It will also offer loans should the company need working capital. Wu will receive 1.8 million two-year cash warrants to purchase common shares at an exercise price of $2.75. Sun Seven Stars also says it will use “reasonable efforts” to secure $50 million to finance original content. Further, it will grant YOU On Demand the non-exclusive rights to over 3,100 hours of Hollywood, domestic and children’s movies, TV and original content, valued at $29.1 million, in exchange for common stock. Sun Seven Stars will also provide right of first negotiation to YOD on all live-action or animated feature-length movies that it develops or obtains the right to license.<\/p>\n
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NEW YORK: Shane McMahon’s YOU On Demand Chinese VOD platform says it has approved an investment proposal from Bruno Wu’s Sun Seven Stars. The news came as the service announced its Q3 results, which saw revenue drop to $476,000 from $645,000, with a net loss of $2.3 million, up from the $2.1 million loss in …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[187,188,186,99],"class_list":["post-3629","post","type-post","status-publish","format-standard","","category-top-stories","tag-bruno-wu","tag-sun-seven-stars-media-group","tag-yod","tag-you-on-demand"],"yoast_head":"\n