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| Monday, June 12, 2006 |
TOM Online to Expand Wireless Business, Get TV Distribution in $75 Million Infomax Acquisition
NEW YORK -- TOM Online Inc., one of China's largest Internet companies, said Monday it agreed to buy wireless entertainment company Infomax, in a move to gain access to the company's TV distribution network and strengthen its own wireless holdings.
The transaction is valued at a maximum of $75 million, and will be based on about 2.5 to 3.5 times of Infomax's 2006 earnings, and 3 to 4 times its 2007 earnings.
Wang Lei Lei, TOM Online CEO, said: "In the TV media alone, we have accumulated a vast amount of content cooperation experiences through our partnerships with more than 200 TV stations. I believe, with the addition of Infomax, TOM Online will be able to further enhance its TV distribution network, which in turn will help promote the growth of our entertainment services."
Beijing-based TOM expects the deal to close by the late second quarter or the third quarter, subject to regulatory approval. |
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Also, Conoco-Phillips droped $1.50 today, costing me $200,000!
It's particularly weird since I only own 100 shares.
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Also, Conoco-Phillips droped $1.50 today, costing me $200,000!
It's particularly weird since I only own 100 shares.