Chuan Hua video media 140 million US dollars copy bottom WorldCom Warner

This newspaper has only been informed that the Chinese media (NASDAQ:VISN) is brewing the merger of WorldCom Warner. A person close to the transaction told us that the purchase price was set at 140 million U.S. dollars, the second half of the situation changed, the negotiations are deadlocked. "Order pricing controversy, because WorldCom Warner listed stranded, investors eager to cash in, which also became the weight of China's media negotiations." Both sides are still touching each other's cards.　　"he said.　　Analysys International analyst Zhouhaiquan provided to reporters that in the field of mobile bus advertising, the Chinese media currently accounts for about 40% of the market share, WorldCom Warner ranked second, about 20% of the market share.　　The fund is rushing from the beginning to rush into today's desperate exit, the investment party has experienced an ideal process of disillusionment. 2005 7, the mass media successfully landed on Nasdaq, Jiangnan spring Chen Tianqiao, Robin Li created a new wealth myth. This makes the venture investment into the pattern of classification.　　Shitonghuana, China as the media and other mobile bus advertising companies have been established. March 2006, WorldCom Warner won the first round of investment, the investor for Cathay Wealth fund, December, to obtain a second round of investment, the investment side for Ding-Hui venture, Walden International, become a fund. Two rounds of total financing 45 million dollars. February 2008, WorldCom Warner received a third round of financing of 50 million U.S. dollars, the investment side for the Baring Fund.　　A total of 95 million dollars invested in the rounds.　　This is much higher than the distribution of media, the United States and the media and China to see the media before the IPO financing, three companies, respectively, 50 million U.S. dollars, 52 million U.S. dollars and 54 million U.S. dollars. As planned, the Baring fund was invested as the last round of financing before the IPO. According to public reports, WorldCom Warner has invited Morgan Stanley to be the sponsor and KPMG is responsible for the audit.　　The financial crisis ensued, WorldCom Warner listed stranded. The Baring fund is deeply affected. According to media reports, the Baring fund injected 50 million U.S. dollars, the estimated profit in 2008 as a valuation reference, valuation of about 850 million U.S. dollars.　　Shortly after the injection, WorldCom Warner lowered its profit forecast for 2008 years. The people said that, affected by the economic crisis, while the mobile advertising industry in the early 2008, although the turnover is still growing, but the cost of rising quickly, exceeding the increase in turnover.　　At the beginning of 2009, in the absence of a listing, the company was at a time when it had to raise money. In April 2009, Zhang Town, Chairman and CEO of WorldCom Warner, said to the media: WorldCom Warner will carry out a fourth round of financing to consider new acquisitions.　　One industry insider said: The investment is still the Baring fund, with an investment of 15 million dollars. After four rounds, WorldCom Warner financed a total of 110 million dollars.　　Only the investment of the Baring Fund amounted to 65 million dollars.　　The reporter dialed the Baring Asia managing director Zeng Guangyu's mobile phone, the other side only said no comment. It is reported that initially with the media contact with China in the first half of this year, the Chinese media opened the conditions is 140 million U.S. dollars to buy WorldCom Warner. [Page] from 8.5Billion to $140 million trillion "in the conditions set out in China and Shitonghuana, WorldCom Warner must achieve break-even at the end of September or else stop trading."　　An insider told reporters that. Zhang Town in a media interview earlier said: "WorldCom Warner in the first quarter of this year to maintain a strong upward trend, the year-on-year growth of nearly 20%, the big customer growth of more than 50%." Zhang also said that the company's 2008-year performance compared with the previous year to achieve 100% growth.　　In 2009, in the face of the domestic economic downturn, business owners advertising budget constraints, WorldCom Warner again raised more than 100% of the target. The above people revealed that the first half of WorldCom Warner has been a major loss because of the inability to control costs. "WorldCom Warner for the realization of break-even, the marketing staff to carry out a large reward, marketing staff pressure." "After a round of storming, the company's performance showed a noticeable rebound. "WorldCom Warner's business changed, the realization of positive cash flow, there will be no refinancing pressure."　　"WorldCom Warner, after a rebound in performance, was under a 140 million dollar purchase price and demanded a new pricing," he said. "If you deliver at a price of 140 million dollars, even the investment company faces a substantial loss." A few rounds of investment, starting in 2006, amounted to $110 million trillion, and even a modest surplus of 140 million dollars to investment companies. This is not in line with China's expectations. "In the first half of the year, it's good to sell," said another person close to the deal. WorldCom Warner faced three problems at the time, one is unable to achieve fiscal balance, except the Baring fund can not have another investment, the second is not listed; third, apart from China, there are no other buyers.　　"China's 140 million dollar purchase offer is under such circumstances." In the new acquisition plan proposed by the world's Warner, 140 million dollar price can sell 27% of the shares, WorldCom Warner valuation will reach 520 million U.S. dollars, higher than the Chinese media's 470 million total market value.　　According to China earnings, as of March 31, 2009, the company's cash and cash equivalents of the balance of 122.9 million U.S. dollars, close to 140 million U.S. dollars. "The two sides are still on the bottom line and the fastest deal is to be completed in 11, December, or postponed to next 2 March," the source said.　　He revealed that the current Deloitte audit team has been settled in WorldCom Warner. Tri Bin, executive vice president of WorldCom Warner, told reporters that Deloitte's audit was a routine audit.　　For mergers and acquisitions, he said the merger was an internal secret and was not prepared to release any information.　　China sees the start of the scale economy at the end of 2007, China's media took the lead in listing, two of companies with similar market share began to pull away. Zhouhaiquan's data to reporters showed that until 2006, WorldCom Warner had been the industry's boss, and even in the third quarter of 2007, WorldCom Warner's turnover remained weak ahead of the Chinese media. In the fourth quarter of 2007, the Chinese media listed in the quarter, the Chinese media than WorldCom Warner, currently China'sRevenue is close to twice times that of WorldCom Warner. "The media in China is also conducive to radio and television policy. "Zhouhaiquan said. Although the business of the two companies is roughly the same, but the Chinese media initially chose to cooperate with radio and television, while WorldCom Warner's business uses CF card mode, through the CF card daily data implanted in the car display.　　Since 2007, all levels of the radio and television departments in order to bring the car display into the unified management, issued a number of CF card management regulations, objectively curb the WorldCom Warner and strengthen the role of the Chinese media. The financial crisis has also affected China's visual media.　　China, as the media listed the opening price of 8 U.S. dollars in July 2008, the shares soared to 25.11 U.S. dollars, and then continued to fall, as of July 22, closed to 6.55 U.S. dollars. According to China's media earnings, after 2008 years of rapid growth, its operations began to fall. Since the fourth quarter of 2008, there has been a year-on-year decline in revenue for two consecutive quarters.　　In the first quarter of 2009, China saw media revenues of $27.3 million, down 20% from the previous quarter, and a net profit of $6.7 million, down 54.7% from the previous quarter. "As China's revenue and profits are also facing a substantial decline, to enter the tertiary city is facing the exclusive exclusion agreement signed by WorldCom Warner, therefore, China is also an urgent need for the resources of the WorldCom Warner."　　said the person.　　Zhouhaiquan told reporters that China's dominant geographical position in the first-tier cities and subways, WorldCom Warner's advantages in the two or three-line cities, as well as the Yangtze River Delta, Pearl River Delta and other regions. Reporters dialed The Chinese media spokesman Li Yadan's mobile phone, she told reporters, because the company will be released on August 12 two quarterly earnings, the company entered the silent period, not convenient for any information to make evaluation.