Chinese public listed internet digital platform and media conglomerate, Oriental Times Media Corporation (OTMC), completed an all-cash acquisition of Huahua Media today. The long awaited acquisition is heralded as a landmark occasion for a changing industry.
“Huahua Media is very pleased to be officially joining the OTMC family,” said Kefei Wang, CEO of Huahua Media. “It’s a very exciting time to be in the global media business, and this acquisition will greatly expand our capabilities and enhance the way we do business.”
As a publicly traded company in Shenzhen Stock Exchange, OTMC issued a public statement following the morning transactions. It states that Huahua Media has joined its family of subsidiaries and affiliates which augment each other’s strengths. Together companies shall coordinate development across content, channels, platforms. OTMC now have a dearth of IP, successful content vehicles, experienced production teams, and their theater, television, and traditional media resources under one roof. Consolidation of their resources through the value chain will bring down the overall cost and increase the value of their products. Huahua Media brings expertise in the international market and is a key addition in the OTMC overall business model OTMC have recently implemented new initiatives in Chinese content to countries abroad. Silk Road Television, a dedicated satellite channel in Thailand was launched last year, with OTMC providing Chinese language content for its national broadcast.
Oriental Times Media Corporation produces and operates HD digital entertainment platforms and TV shows. The Company also designs, manufactures and markets digital measuring instruments. It's listed on Shenzhen Stock Exchange (002175:CH).
Huahua Media specializes in film importation, marketing and distribution in China, with recent investments in Hollywood tentpoles, including Star Trek Beyond, Jack Reacher, Allied, and XXX: The Return of Xander Cage.
The television industry's top news stories, analysis and blogs of the day.