In a press release today Sun New Media Inc. (OTCBB:SNMD) ("SNMI") announced an agreement with United Home Limited ("UHL") to acquire 100% controlling interest in Lifestyle Magazines Publishing Pte. Ltd. ("Lifestyle"). Incorporated in , Lifestyle is one of
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SNMI will now control six very well-known magazine titles: New Man, Home Concepts, Space, Today's Parents, Se Xiang Wei, and Pregnancy Guide, through the acquisition. All of the above magazines have the availability to be distributed through the company’s interactive promotion and e-publishing venues, adding to the extensive content library and demographic diversity.
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Mr. John Li, co-CEO of SNMI made this comment: "The content acquired through Lifestyle further strengthens our position as the leading interactive marketing and media services company for a broad range of target consumers in and
The press release also added this concerning the financials involved:
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“Lifestyle has a paid up capital of S$2,512,000 comprising 2,152,000 shares of S$1 each. According to the Purchase Agreement, SNMI will acquire 100% of Lifestyle's outstanding shares for HK$29,000,000 (approx. US$3.74M), to be satisfied in full through the issuance of 978,406 new restricted common shares in SNMI at US$3.80 per share.”
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This move puts Sun Media in a very enviable position as this they are now poised to capture a considerable portion of 's multi-billion dollar interactive marketing services market.
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For more information on Sun New Media go to their site here.
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