ChinaNet to Acquire Marketing Services Firm

ChinaNet, 11/28/11

Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) today announced that the company has signed a non-binding letter of intent ("LOI") to acquire a 51% stake in a Beijing-based online advertising and marketing company for approximately USD 7-8 mln.

The target company generated approximately USD 7 mln in unaudited net sales revenue during the 12-month period ended September 30, 2011, supported by its web portal.

ChinaNet is currently in the process of conducting due diligence on the target company and is negotiating a definitive agreement containing all material terms for this transaction, including the purchase price to be paid. ChinaNet hopes to close the transaction no later than the first quarter of 2012.

Keywords: TV advertising Internet online advertising ChinaNet television M&A CNET

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