China-based AirNet updates sale of advertising business

China-based in-flight solutions provider AirNet Technology Inc., (Nasdaq: ANTE), has announced Beijing Linghang Shengshi Advertising Co., Ltd. has entered into a supplementary agreement to the equity transfer agreement on the sale of the 20.32% equity interest of Airmedia Group Co., Ltd., the company said.

The Supplementary Agreement was entered into on the outstanding amount of RMB380 million out of the total consideration of RMB580 million that has not been paid by the Buyer. Under the Supplementary Agreement, Buyer shall cause the RMB60 million out of the total outstanding amount of RMB380 million to be paid.

AirNet Technology Inc., formerly known as AirMedia Group Inc, AirNet (Nasdaq: ANTE) provides in-flight solutions to connectivity, entertainment and digital multimedia in China. AirNet empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers.