Remark Media acquires China Branding Group

Remark Media will acquire China Branding Group (CBG) for US$7.5 million in cash plus warrants to purchase 6.25 million shares of Remark common stock at a US$10 strike price.The transaction is expected to close by 30 June, 2016."Acquiring CBG will greatly advance our efforts to execute on the large-scale opportunity within the highly lucrative Millennial demographic in the two largest consumer markets in the world - the U.S. and China," said Kai-Shing Tao, Remark Media Chairman and CEO.Adam Roseman, co-founder & CEO of China Branding group limited, said: "China Branding group is excited to partner with Remark Media to accelerate the growth of the company globally through our proven content development and distribution strategy, as well as our cross-platform sales capabilities."With offices in Los Angeles and Shanghai, CBG is the largest provider of localised international live events content, social media content, and Hollywood and related video content into the China marketplace, with over 100 million followers across its social media accounts in China.CBG’s major clients span across studios, Hollywood agencies, international ad agencies and brands, including nearly all of China's major online and entertainment TV platforms, as well as major international and Chinese brands and advertising agencies such as Coca-Cola, AB InBev, the Los Angeles Tourism & Convention Board and Red Bull.Remark Media owns, operates and acquires innovative digital media properties across multiple verticals that deliver culturally relevant, dynamic content that attracts and engages the Millennial demographic. The company is headquartered in Las Vegas, Nevada, with additional operations in Beijing, Chengdu and Hangzhou China.