Hurray! and Shanda Interactive Enter Into Asset Sale Agreement
Beijing, China and Shanghai, China — June 1, 2010 — Shanda Interactive Entertainment Limited (Shanda)
(Nasdaq: SNDA), a leading interactive entertainment media company in China and Hurray! Holding Co., Ltd.
(Hurray!) (Nasdaq: HRAY), a leader in online video portal operations, artist development, music production,
wireless music distribution, and other wireless value-added services in China, today announced that Shanda and
Hurray! have entered into a definitive agreement under which Hurray! will acquire an online audio business of
Shanda in exchange for 415,384,615 newly issued ordinary shares of Hurray!, and concurrently, Shanda will
acquire Hurray!’s recorded music and wireless value-added services businesses in exchange for an aggregate of
US$36,944,267 in cash, subject to adjustment based on the May 31, 2010 cash balances of the businesses being
transferred to Shanda. The net consideration to Hurray!, for its businesses excluding payment for the cash balances
in the businesses being transferred is estimated to be approximately US$11 million.
A committee, comprised of three independent directors of Hurray!, represented Hurray! in the negotiations of the
transaction agreement and received fairness opinion on the proposed transaction from its independent financial
advisor, KPMG Advisory (China) Limited. After extended negotiations and careful consideration, the special
committee approved the proposed transaction.
Completion of the transaction will be subject to various conditions, including the approval of the issuance of the
ordinary shares of Hurray! to Shanda at Hurray!’s shareholders’ meeting. The transaction is expected to be
completed in the third quarter of 2010.
About Shanda Interactive Entertainment Limited
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) (“Shanda”) is a leading interactive entertainment media
company in China, offering a broad array of online entertainment content on an