NEW YORK, Aug. 6, 2013 /PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD) ("YOU On Demand" or the "Company"), the first national Video On Demand (VOD) platform in China, today announced that the Company has entered into a definitive agreement to sell its interest in Jinan Broadband to Shandong Broadcast Network for total consideration of RMB 29,000,000 (approximately $4.7 million in cash), subject to customary closing conditions.
YOU On Demand Chairman, Shane McMahon, said, "With our senior management team and additional financing in place, it is time for YOU On Demand to reduce its investment of financial and management resources in its legacy business, Jinan Broadband, and re-deploy those assets for the benefit of YOU On Demand's core businesses. Following completion of the transaction, YOU On Demand will be focused exclusively on growing its media distribution platform across China and executing on growth initiatives through continued investments in new content delivery platforms."
For a more detailed summary of the material provisions of the agreement, please see the Company's current report on Form 8-K that will be filed with the Securities and Exchange Commission today at www.sec.gov.
About YOU On Demand Holdings, Inc. (www.yod.com)
YOU On Demand (NASDAQ: YOD) is the first national Video On Demand platform in China. The Company offers premium content, including leading Hollywood and China-produced movie titles, to customers across China through its Transactional Video On Demand (TVOD), Subscription Video On Demand (SVOD) and Near Video On Demand (NVOD) services. YOU On Demand has secured alliances with leading global media operators and content developers. The Company has a comprehensive end-to-end secure delivery system, governmental partnerships and approvals and offers additional value-added services. YOU On Demand has strategic partnerships with the largest media entities in China, a highly experienced management team with international background and expertise in Cable, Television, Film, Digital Media, Internet and Telecom. YOU On Demand is headquartered in New York, NY with its China headquarters in Beijing.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE YOU On Demand Holdings, Inc.