7 Jan 2010 13:24

Hurray to issue 724 mln new shares in Ku6 deal

Shanghai. January 7. INTERFAX-CHINA - Shanda Interactive Entertainment Ltd.'s online music subsidiary Hurray announced on Jan. 7 it will issue 723.68 million shares to shareholders of online video site Ku6.

According to the announcement, the share issuance will be completed by the end of this month. The company has yet to disclose further details.

On Nov. 29 last year, Interfax reported that Hurray will acquire Ku6 through a share swap. Nasdaq-listed Hurray recorded $6.9 million in total revenue and a net loss of $5.1 million for the third quarter of 2009, according to Hurray's latest financial figures.