BEIJING, Dec. 19, 2016 /PRNewswire/ -- AirMedia Group
Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
that on December 19, 2016, it entered
into Amendment No. 2 to the Agreement and Plan of Merger (the
"Merger Agreement Amendment No. 2") to amend that certain Agreement
and Plan of Merger (the "Merger Agreement"), dated September 29, 2015, as amended, by and among the
Company, AirMedia Holdings Ltd. ("Parent") and AirMedia Merger
Company Limited, a wholly owned subsidiary of Parent.
Under the terms of the Merger Agreement, either the Company or
Parent could terminate the Merger Agreement if the merger
contemplated by the Merger Agreement (the "Merger") has not been
completed by December 31, 2016 (the
"Termination Date"). The Merger Agreement Amendment No. 2 extends
this Termination Date to June 30,
2017. In connection with the proposed Merger, the Company
has filed a transaction statement on Schedule 13E-3, a preliminary
proxy statement and related materials with the Securities and
Exchange Commission, and expects to file an amendment to the
Schedule 13E-3 and updated proxy materials with the Securities and
Exchange Commission. The amendment to the Schedule 13E-3 will
include as exhibits to such filing all amendments to the Merger
Agreement.
About AirMedia Group Inc.
AirMedia Group Inc. (Nasdaq: AMCN) is an operator of out-of-home
advertising platforms in China
targeting mid-to-high-end consumers as well as a first-mover in the
travel Wi-Fi market. AirMedia sells advertisements on the routes
operated by several Chinese airlines and at Sinopec's service
stations in China. AirMedia also
has concession rights to operate the Wi-Fi systems on trains
administered by eight railway administrative bureaus in
China as well as on many long-haul
buses in China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
Investor Contact:
Richard Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn
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SOURCE AirMedia Group Inc.