Cool 6 Media CEO Shanyou abruptly resigned

Report (reporter Li Bin) yesterday afternoon, there is news that, because of the strategic differences with the Grand Group chairman Chen dispute, 酷6网 founder and CEO Shanyou has been the founder of the 酷6网 resignation, Shanda Group will look for a successor. In this regard, cool 6 media (NASDAQ:KUTV) and Shanda did not give official news, but the reporter learned from reliable sources, Shanyou has indeed resigned, but its own shares may have not been in the current.

Yesterday, the reporter call Shanyou himself, his hand machine. 酷6网 Vice President Yao Jianjing, editor-in-chief Chen and other senior executives on the matter are very secretive, refused to disclose. However, reliable sources revealed that Chen and Shanyou in the future of 酷6网 or video information on the model of the dispute, Chen hope that the development direction of the 酷6网 is video information news, and Shanyou insist on the purchase of genuine copyright film and television drama "blockbuster Mode", At the same time, shanyou let 酷6网 executives for their views with Chen flyover to make "in a" choice.

According to 酷6网 's latest reported earnings, 酷6网 lost $51.5 million a year in 2010, with 酷6网 cash and cash equivalents of about $27.3 million at the end of last year and about $9.8 million in operating costs. In the case of 酷6网 sustained losses, the funds can only maintain 3 quarters of operating expenses. Shanda Group has begun to challenge the direction of Cool 6, hoping that cool 6 can give up the copyright and the high bandwidth cost of film and television drama route, and to change the lower cost of news and information routes. The strategy was opposed by management, represented by Shanyou. Recently, Chen and Cool 6 management held an internal meeting, the Chen flyover and shanyou because of the cool 6 development direction of the differences between the fierce debate.

酷6网 's huge losses have clearly made Shanda feel the financial pressure and hesitate to continue investing, according to sources. There are even sources of investment, said Shanda is seeking to sell 酷6网, and has contact with domestic television to discuss the sale of the matter.

Yesterday, for shanyou resignation news, Liu Xingliang, an Internet veteran, said he was surprised that Shanyou's significance was not only the CEO, but also the business model and strategy of the company, and his departure would have a more detrimental effect on the awkward situation of cool 6.

Links • Shanyou and cool 6

Shanyou graduated from Nankai University, China-Europe International Business School, has been in Motorola, Alcoa Group, Dr. Lun, such as large foreign companies and the portal Sohu. He founded 酷6网 in 2006 as CEO. November 27, 2009, Shanda's Friends of the century through the exchange of shares in the way acquired the video site Cool 6. June 1, 2010, Friends of the century announced that the recording of music and wireless value-added services business stripping to the grand, while the acquisition of a royal network of a network of audio business, cool 60% for the core business of China friends century. August 17, 2010, Friends of the century renamed Cool 6 media, code modification for KUTV, many times after the capital operation, cool 6 completed the curve of the shell listing path.

However, after the shell listing cool 6 performance is not ideal, competitors Youku to the United States after the listing also gave Cool 6 a certain amount of pressure. This situation led to the Shanyou and Chen overpass mode of contention, and then appeared the shanyou of sudden departure.

Yao Jianjing