Rumor: BesTV to Finance SMEG, SMG Planned IPO

Lmtw.com, 2/19/14

Shanghai Media Group subsidiary BesTV New Media (600637.SH) has announced the suspension of trading in the company's shares beginning on February 19, due to uncertainty caused by planned equity incentives from the company's board of directors. On February 21, BesTV will announce the results of the equity incentive plan and resume trading.

According to an industry source, BesTV has suspended trading due to plans to finance the merger and IPO of Shanghai-based media companies Shanghai Media & Entertainment Group (SMEG) and Shanghai Media Group (SMG). The consolidation of the two companies will be completed before the end of the year. BesTV and Shanghai-based media company Oriental Pearl (Group) (600832.SH) will both reportedly provide financing for the IPO of the merged companies.

BesTV and Oriental Pearl have refused to comment on the matter.

Keywords: Shanghai Media Group IPO television Oriental Pearl SMEG BesTV 600637.SH M&A 600832.SH

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