YOU On Demand & Bruno Wu Firm Up Investment Agreement

NEW YORK: The Chinese VOD platform YOU On Demand (YOD) and Bruno Wu’s Sun Seven Stars Media Group have reached a definitive agreement regarding the previously announced $10 million investment.

The proposed transaction was unanimously approved by both companies’ boards of directors. It is expected to close in December, subject to customary approvals, including approval by holders of a majority of the outstanding shares of YOD common stock as well as other customary closing conditions.

YOU On Demand’s largest shareholders, including Executive Chairman Xuesong Song and Chairman Shane McMahon, have said they will vote in favor of the transaction.

McMahon stated: “Bruno Wu and Sun Seven Stars have been rapidly and deftly building a next-generation world-class entertainment company over the last several years. Combining YOD’s capabilities with Mr. Wu’s and Sun Seven Star’s reputation, worldwide presence, financial strength and media relationships, will greatly enhance YOD’s ability to meet the expanding needs and tastes of China’s paid content consumers. We see this transaction as a perfect opportunity to position us for growth in the short and long term. We look forward to laying out in more detail YOD’s mutually beneficial strategic plans, at the close of this transaction.”