Nandu News - By reporter Haiyan Wang. Yesterday, BesTV, which listed on the stock market by borrowing the shell of Radio Information, released a major restructuring implementation report. The plan consists of three inseparable parts: share transfer, asset sale, and cash issuance to purchase assets. The implementation report shows that the "three-step" restructuring has been basically completed, officially transforming the company 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 of Radio Information (i.e., BesTV) held by Instrument Electric Group for a total transaction price of 1.99 billion yuan. Meanwhile, BesTV will sell all main business-related operating assets and some non-main business assets to Instrument Electric Group and its related parties, and sell part of the non-main business-related assets of Radio Information or its subsidiaries to non-related third parties of Instrument Electric Group. A patrol officer aged 44 committed suicide by jumping from a police station building. In addition, BesTV will issue shares to Oriental Media for 1.223 billion yuan in cash to purchase 51.7763% equity of BesTV Technology, 100% equity of Wenhua Technology, 100% equity of Radio Production, and 21.33% shares of Xin Investment held by Oriental Media. It will also issue shares to nine other companies including Tongfang Shares to purchase 48.2237% equity of BesTV Technology they hold.
Although some follow-up matters remain to be handled, the transfer procedures of assets involved in the restructuring have been fully completed, and the share transfer has been entirely finished. The transfer procedures of outgoing assets have been basically completed. Follow-up matters will not substantially affect this major restructuring.
According to the announcement, BesTV will serve as the sole platform for Shanghai Media Group and Oriental Media to engage in IPTV, mobile TV, internet video, and other new media technology services and marketing businesses. The latter two and their controlled enterprises will not directly or indirectly operate any business that constitutes direct competition with BesTV. Moreover, the two enterprises have committed that under the permission of national industry policies, approval of industry authorities, and compliance with listing conditions, they will integrate the market-oriented operations-related businesses suitable for BesTV and those under the two enterprises to avoid and eliminate potential peer competition in advertising and related businesses.
It is reported that BesTV's main income and profit come from the injected BesTV Technology, which mainly engages in three emerging media businesses: IPTV, online video, and mobile TV, with IPTV being the primary business.
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