--(www.USEquityNews.com)-- 09/22/2008 - Entertainment industry alert provided by U.S. Equity News. XFMedia (Nasdaq: XFML), a leading media group in China, announced that it has invested US$ 2 million for a 15.5% stake in All Sports Network ("ASN"). ASN is scheduled to be launched by Hong Kong based Yes TV in September 2008. XFMedia has exclusive distribution rights via mobile, television, internet and radio, to ASN's content in China. ASN will offer exclusive coverage of North America's biggest sports leagues in HDTV (high definition television), including the NHL (National Hockey League), the NFL (National Football League), NCAA basketball and football, March Madness and the Final Four. ASN will also offer coverage in Asia for the top college conferences in the USA including the Big Ten, Pac 10, SEC and ACC, including basketball, baseball, tennis, swimming, golf, football, soccer, track and field and gymnastics. Additionally, there will be extensive coverage of motor sports and extreme sports such as snowboarding, surfing, and skateboarding. ASN is expected to generate revenue through subscriptions, advertisings and sponsorships.
Focus Media Holding Limited (Nasdaq: FMCN), China's leading multi-platform digital media company, recently announced its wholly owned subsidiary Allyes Online Media Holding Ltd. ("Allyes"), a company that operates its internet advertising business, has submitted on a confidential basis to the U.S. Securities and Exchange Commission (the "SEC") a draft registration statement for a proposed initial public offering (or "IPO") of American depositary shares (or "ADSs") representing ordinary shares of Allyes. The purpose of the IPO, if completed, is to provide Allyes with greater flexibility in developing its leadership in the internet advertising market in China. The IPO is expected to commence as market conditions permit, and is subject to Allyes' filing publicly with the SEC a registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended (or the "Securities Act"), and the SEC's declaring such registration statement effective. The number and dollar amount of ADSs proposed to be offered and sold have not yet been determined.
1worldspaceTM (NASDAQ: WRSP) announced recently that it has reached an agreement in principle with each of the four holders (the "Holders") of the Company's amended and restated secured notes (the "Bridge Loan Notes") and second amended and restated convertible notes (the "Convertible Notes") to defer until Sept. 25, 2008, the Company's obligation to pay $19.97 million in principal amount of the Bridge Loan Notes, plus accrued but unpaid interest due on the Bridge Loan Notes, which was payable on Sept. 15, 2008. During a period of forbearance, the Company is working on developing a comprehensive operational and financial restructuring plan for addressing both its immediate and longer term financing requirements.
