Shanda Interactive Entertainment announced it plans to acquire a majority stake in Hurray! Holding Co, AP reported. The media conglomerate said it plans to acquire 51% of the outstanding shares of Hurray! for $46.2 million. Hurray’s businesses include artist development, music production, wireless music distribution and other wireless value-added services in China. Under the terms of the deal, Shanda is expected to pay US$4 per American Depositary Share, which represents a 25% premium over Hurray’s closing price on June 5.
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