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Stock Market & Financial Investment News

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April 3, 2014
07:44 EDTKUTVKu6 Media announces closing of shareholding change, change of board of directors
Ku6 Media announced that the controlling shareholder of the company, Shanda Media Group Limited, has consummated the sale of 1,938,360,784 ordinary shares of the company -- amounting to approximately 41% of the company's issued and outstanding share capital -- to Xu Xudong. The aggregate consideration for the Sale Shares was $47.35M. In connection with the closing of the Transaction, the company also announced the resignation of Bruno Wu, Tianqiao Chen, Danian Chen, Fang Du and Tuoc Luong as directors of the board and all board committee positions which they held. Mr. Xu and Li Jiangtao were appointed as directors of the board effective as of today. Mr. Xu was also appointed chairman of the board, member and chairman of the Compensation and Leadership Development Committee and member and chairman of the Corporate Development and Finance Committee, with all such appointments effective as of today.
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