AirMedia sells 75 percent stake to Beijing Longde Wenchuang Fund Management

AirMedia Group Inc. said Monday it has agreed to sell a 75 percent stake to Beijing Longde Wenchuang Fund Management Co. Ltd. for RMB2.1 billion in cash consideration. Beijing Longde Wenchuang Fund is the private equity fund founded by Beijing Culture & Technology Financing Guarantee Co. Ltd, an affiliate of Beijing Culture Investment Development Group. AirMedia operates out-of-home advertising platforms in China targeting mid-to-high-end consumers.

DealsNorth AmericaUSBriefs