Hurray Holding (HRAY.NASDAQ) has agreed to buy Shanda Interactive Entertainment’s (SNDA.NASDAQ) online audio business for 415.4 million newly issued shares, Dow Jones reported. Hurray will sell Shanda its recorded music and wireless services business for US$26.9 million. The deal is expected to close in the third quarter of this year and increase Hurray’s share count by 19%. Hurray is trying to refocus its business, moving out of its current dependence on ringtones and mobile phone music to wider digitial media distribution. Shanda recently spun off its games division (GAME.NASDAQ) for US$1.04 billion and is preparing for a round of investments and acquisitions. Shanda shares were up 3.4% on the NASDAQ exchange while Hurray’s rose 1.5%.
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