Heraldonline.com 19 June 2013
SHANGHAI — Tiger Media, Inc., one of China’s leading nationwide multi-platform media companies, today announced it had acquired eight key lease contracts from Symbol Media Corporation, which will allow the Company to take 100% control of the eight key Shanghai shopping center locations. As of June 30, 2013, the Company expects to have completed the installation of 77 LCD advertising and media screens in Shanghai at 13 different locations within seven prominent shopping districts. Consideration for the transaction was US$2.2 million which will be paid through the issuance of 2.05 million Tiger Media ordinary shares to Symbol Media. The Company also announced that the U.S. Securities and Exchange Commission (“SEC”) had notified the Company that it had completed its investigation that formally began in November 2010 and recommended that no enforcement action be taken against the Company.
The Company and Symbol Media had originally entered into a joint venture arrangement for the Luxury Mall LCD media business, with Tiger Media owning 51% and Symbol Media owning 49% of the venture. Given the rapid deployment of these screens and the importance of this growing network to the Company’s business objectives of seeking larger advertising contracts with a greater number of advertisers, the Company determined to consolidate cash flow and phase out the joint venture arrangement, with the Company acquiring these assets outright. Symbol Media is majority owned and controlled by Stephen Zhu, the Chief Operating Officer of China Operations for a Company subsidiary with a minority interest held by Peter Tan, the Company’s CEO and a member of the Company’s Board of Directors.
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Tiger Media Announces Acquisition of 8 Key Leases From its Luxury Mall LCD Partner
