Ku6 Media Board Receives Non-binding Proposal From Shanda Interactive

(RTTNews) - Ku6 Media Co., Ltd. (KUTV), a leading internet video company focused on User Generated Content in China, announced that its Board has received a preliminary non-binding proposal letter from Shanda Interactive Entertainment Limited, the controlling shareholder of the company to acquire the company in a going private transaction for $0.0108 per ordinary share, or $1.08 per American depositary shares. The proposal values Ku6 Media at approximately $51.5 million in fully enlarged equity value.

Ku6 Media expects its Board will form a special committee consisting of independent directors to evaluate and, if appropriate, negotiate the Proposal.