(Yicai Global) Sept. 5 -- Chinese television production firm, Beijing Enlight Media Co., plans to extend its 19-percent stake in Tianjin Maoyan Culture Media Co., owner of the largest movie ticketing website in the country Maoyan.com, by buying shares from its own affiliate.
Enlight Media will purchase shares from Shanghai Enlight Investment Holdings Co. to take its stake to 30 percent, while Enlight Investment's share will decrease to 47 percent from 58 percent, English Media said in a statement on Sept. 4.
The production firm wants to invest further in Maoyan Culture to improve its coverage along the industrial chain. The transaction will help optimize the company's overall resource allocation, integrate resources and further expand online, the statement said.
Enlight Investment, Enlight Media's controlling shareholder, bought a 19.73-percent stake in Maoyan Culture from Shanghai Sankuai Technology Co. for CNY1.78 billion (USD269 million).
Maoyan.com is China's leading online film, entertainment media and interactive community platform. It integrates online booking, social media, content marketing and film derivatives sales.
In the first five months of the year, Maoyan Culture earned CNY1 billion in operating income to take CNY73 million in profit, its financial data shows.