SearchMedia Announces Direct Equity Control of its Subsidiaries; Termination of VIE Structure
SearchMedia Holdings Limited (NYSE: IDI) (NYSE: IDI), one of China's leading nationwide multi-platform media companies, today announced that it now has direct equity control of its subsidiaries and has terminated its Variable Interest Equity structure.
The Company believes that having full equity and operational control of subsidiaries is more advantageous to the Company and its shareholders since the Company's subsidiary Ad-Icon Company Limited now meets the various regulatory requirements under Chinese law necessary for direct operation in the media industry.
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