Perfect World to Sell Film Subsidiary

PR Newswire Asia, 8/03/11

Beijing-based online game developer and operator Perfect World (Nasdaq: PWRD) today announced that it has entered into a definitive agreement to sell its film subsidiary, Perfect World (Beijing) Pictures, to Beijing Ever Joy Pictures, which is majority-owned by Michael Chi, Perfect World chairman of the board and chief executive officer, for a total consideration of RMB 360 mln. The transaction has been approved by the board of directors and a special committee consisting of all independent directors of the board. The transaction is expected to sharpen the company's focus on its core online game development and operation business and maximize shareholder value over time.

Keywords: television M&A Perfect World Michael Chi film Internet PWRD online gaming

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