September 8, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Subaye, Inc. (NASDAQ: SBAY) said that it has sold its remaining entertainment media assets for total proceeds of $7.5 million. According to Subaye, sales of these assets occurred during July and August of 2010.

Year-to-date, the company said it has generated $16.3 million of net proceeds from non-core asset divestitures and received cash proceeds through today of $9.3 million.

The remaining $7 million is due from the sale of copyrights in August to Sparkful Investments. Sparkful Investments has agreed to make payment on the full outstanding balance by the end of October, according to the firm.

Subaye sold four copyrights to motion picture productions developed for the entertainment market in China. Internet copyrights to "Big Movie" and "Big Movie 2" were sold for total net proceeds of $500,000 to Top Rider Group while the rights to "Big Future" and "Valleys and Peaks" were sold to Sparkful Investment for $7.0 million.

The company said it will record a loss of $4.1 million on these transactions. No further losses are anticipated in future reporting periods as a result of the sale of the remaining assets of the entertainment business, Subaye said.

Subaye said that the effect of the divestiture of the two business segments should only impact Subaye's fiscal year ending September 30, 2010 financial statements and should not impact any future reporting periods.

The company plans to reinvest the proceeds from these sales into its core online video and cloud computing businesses.

China-based Subaye is an outsourced marketing services provider in China engaged in online video advertising and cloud computing business solutions.

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