August 18, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) and Ku6 Media Co., Ltd. (NASDAQ: KUTV), an online video portal operator in China, said they have completed an asset transactions entered into on June 1.

Under the deal, Ku6 acquired 75% of an online audio business from Shanda in exchange for 415,384,615 newly issued ordinary shares of Ku6 and acquired the remaining 25% from a minority shareholder in exchange for 138,461,539 newly issued ordinary shares of Ku6.

Shanda acquired Ku6's recorded music and wireless value-added services businesses in exchange for an aggregate of $37,243,904 in cash.

China-based Shanda Interactive Entertainment offers a range of online entertainment content on an integrated service platform.

China-based Ku6 Media holds two online brands and online video websites, providing video information service and entertainment in China.

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