NASDAQ-listed Xinhua Finance Media announced this week that The Yucaipa Companies, controlled by U.S. supermarket billionaire, Ron Burkle, had taken an undisclosed stake in the company. Yucaipa bought out a number of IPO investors who had just come out of their lock-up period. The terms of the deal and the names of the investors were not released.
Also this week, Xinhua Finance Media also announced that it has four new board members. They are David Olson from Yucaipa, Larry Kramer who is the founder and former CEO of MarketWatch, a financial news website now owned by Dow Jones, Steve Richards, COO of Silver Pictures, Li Shantong, a former director general at the Development Research Centre of China’s State Council and Teddy Liu, head of Xinhua Finance Media’s advertising group. As part of its effort to enhance corporate governance, the company also appointed a new internal auditor.
The company’s shares jumped this week from an interday low US$6.25 to a high of US$10.18. The shares closed at US$8.55 yesterday. Source: Xinhua Finance Media Press Release – Yucaipa investment
Xinhua Finance Media Press Release – new board members