Nandu News - Reporter Haiyan Wang. Yesterday, Bestv, which was listed on the stock market by borrowing the shell of Radio & TV Information, released a major restructuring implementation report. The plan consisted of three inseparable parts: share transfer, asset sale, and cash issuance for purchasing assets. The implementation report showed that the "three-step" restructuring had been basically completed, and the company officially transformed into a new media company. Yesterday, Bestv closed at 17.47, with an increase of 4.17%.
According to the announcement, Oriental Media acquired 36.6% of the shares held by Yidien Group in Radio & TV Information (i.e., Bestv) for a total transaction price of 1.99 billion yuan. Meanwhile, Bestv would sell all its main business-related operating assets and some non-mainstream assets to Yidien Group and its related parties, and sell part of the non-mainstream assets related to Radio & TV Information or its subsidiaries to a third party unrelated to Yidien Group. In addition, Bestv would issue shares privately to Oriental Media for 1.223 billion yuan to purchase 51.7763% equity in Bestv Technology, 100% equity in Wasu Technology, 100% equity in Radio & TV Production, and 21.33% shares in Xin Investment. It would also issue shares privately to nine companies including Tongfang Shares for their holdings of 48.2237% equity in Bestv Technology.
Although there were some follow-up matters to be dealt with, the transfer procedures for the involved assets in the restructuring had been fully completed, as well as the share transfers. The transfer procedures for the outgoing assets had been basically completed, and the follow-up matters would not substantially affect this major restructuring.
According to the announcement, Bestv would serve as the sole platform for Shanghai Radio & TV Station and Oriental Media to engage in IPTV, mobile television, internet video, and other new media technical services and marketing businesses. The latter two and their controlled enterprises would not directly or indirectly operate any business that constituted direct competition with Bestv. Additionally, the two enterprises committed that, under the premise of national industry policy permission, approval from the industry supervisory department, and compliance with listing conditions, they would integrate the relevant businesses suitable for market-oriented operations under Bestv and the two enterprises to avoid and eliminate potential peer competition in advertising and related businesses.
It is reported that Bestv's main revenue and profit came from the injected Bestv Technology, which mainly operated three emerging media businesses: IPTV, online video, and mobile television, with IPTV being the main business.
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