YOU On Demand Holdings, Inc. (NASDAQ: YOD) and Bruno Wu´s Sun Seven Stars Media Group Limited (SSS) said they have reached a definitive agreement on the previously announced investment proposal from SSS.
The transaction, which was unanimously approved by both companies´ boards of directors, is expected to close December 2015. YOU On Demand´s largest shareholders including Executive Chairman Xuesong Song and Chairman Shane McMahon have pledged to vote in favor of the transaction.
In addition, YOD intends to file with the SEC a preliminary proxy statement and a definitive proxy statement and all other relevant materials in connection with the proposed transaction in order to obtain the necessary stockholder approvals at YOD´s Annual Meeting.
YOU On Demand is a leading multi-platform entertainment service company delivering premium content, including leading Hollywood movie titles, to customers across China via Subscription Video On Demand and Transactional Video On Demand.