Chinese mobile value-added services company Hurray (HRAY) has announced plans to spend CNY120 million to acquire 65% of the stake of Secular Bird, a privately-owned music company in China.
Hurray's affiliate Hurray Digital Media will be responsible for the transaction, following which the company will be renamed Hurray Secular Bird Culture Company. Hurray Secular Bird will jointly manage the copyright music with Secular Bird, and Yang Haoyu, CEO of Hurray Digital Media, and Wu Feng, president of Hurray Digital Media, will work as president and executive director, respectively, at Hurray Secular Bird.
With the acquisition of the of Secular Bird stake, MVAS firm Hurray will have four music companies under its umbrella. Feile was acquired in November 2005 for CNY60 million; Huayi Brothers was acquired in December 2006 for CNY35 million; and New Run Entertainment was acquired in November 2006 for CNY18 million.
Last year, Wang Qindai, CEO of Hurray, predicted that the company will occupy more than 25% of the music content space of China in the coming two to three years.