The $19M payment brings C-Media’s total investment in the China pay TV VOD service up to $25M, and gives it three of YOU On Demand‘s seven board seats, the companies say this morning. Two current board members, Michael Jackson (former chairman of Universal Television, USA Entertainment, and CEO of UK’s Channel Four) and Michael Birkin (former CEO of Omnicom Asia) resigned to make room for the reps from Beijing-based C-Media, a mobile video provider. The company’s controlled by its founder, Xuesong Song. ”In addition to providing us with funding to assist our Company at this important inflection point in our corporate evolution, we also look forward to continuing to benefit from Mr. Song’s tremendous experience and success doing business in China, as well as C Media’s mobile industry expertise,” says YOU On Demand Chairman Shane McMahon. Disney Media Distribution, Paramount Pictures, NBC Universal, Warner Bros., Miramax Films, Lionsgate and Magnolia Pictures are among the studios that distribute films through YOU On Demand.
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This article was printed from http://www.deadline.com/2014/02/chinas-c-media-completes-investment-in-you-on-demand/