Wifi Revolution

Chinese ringtone provider Hurray! Holding Co, said it has terminated its previously announced agreements with Beijing TV Media Co Ltd, for the formation of a joint venture.

Instead of joint venture, the company said, the two companies will cooperate in a strategic partnership to promote wireless application services for BTV programs.

The company has not disclosed why it has decided to terminate the deal.

Last month, Hurray posted its third-quarter net loss of $11.5 million, or 53 cents a share, which included a $9.6 million goodwill impairment charge on its wireless business, as well as a $30,000 gain from selling its software and systems integration business.

Its revenue from wireless music also fell considerably recently.

Hurray Holding recently said that would combine with Enlight Media Ltd. in an all-stock deal and create a new company by name Hurray Enlight Media Group.

Enlight is one of the largest movie and television companies in China, and also produces entertainment news, fashion, music and reality shows, and organizes concerts.

This deal is due to be closed in the first quarter of 2008.

Some analysts believe Hurray’s newfound relationship with Enlight could have made unnecessary the agreement it signed with Beijing TV Media.

 

 

 

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