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XFMedia to acquire interest in Tianjin Shidai Tianchuang

(Agencies)
Updated: 2008-10-10 21:54

Xinhua Finance Media said it has signed an agreement to acquire China Media Network Ltd, giving it an interest in Tianjin Shidai Tianchuang Co Ltd, the operator of four digital pay TV channels.

In a statement, XFMedia said it will make an initial cash payment of $5 million on signing the agreement, followed by a further payment of $10 million and two million class A common shares subject to conditions.

Citing a report by Informa Telecoms and Media Group, XFMedia said the number of Chinese households with digital pay TV connections rose to 27.3 million last year from 12.9 million in 2006.

The report forecasts the number of households will rise to 123 million by 2013, accounting for half of all digital pay TV connections in the Asia Pacific region.

XFMedia is a Nasdaq-listed unit of Xinhua Finance Ltd, which owns the Xinhua Finance newswire.