Hurray! Holding (HRAY) Announces RMB34.45M Sale of Huayi Brothers Interest; Terminates Agreements with Brothers ShengShi and QiXinWeiYe
Hurray! Holding Co., Ltd. (Nasdaq: HRAY) today announced that Hurray! has agreed to sell all of its equity interest in Beijing Huayi Brothers Music Co., Ltd ("Huayi Music") to Huayi Brothers Media Corporation. ("Huayi Media") for an aggregate consideration of RMB34,450,000.00.
Concurrently, Hurray! announced that it has terminated its agreements with Beijing Brothers ShengShi Enterprise Management Co., Ltd. ("Brothers ShengShi") and Beijing QiXinWeiYe Culture Development Co., Ltd. ("QiXinWeiYe"), which were entered into when Hurray! purchased its equity interest in Huayi Music.
Hurray! and Huayi Media intend to continue to cooperate in the future in the areas of music, movie and television program production.
Concurrently, Hurray! announced that it has terminated its agreements with Beijing Brothers ShengShi Enterprise Management Co., Ltd. ("Brothers ShengShi") and Beijing QiXinWeiYe Culture Development Co., Ltd. ("QiXinWeiYe"), which were entered into when Hurray! purchased its equity interest in Huayi Music.
Hurray! and Huayi Media intend to continue to cooperate in the future in the areas of music, movie and television program production.
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