Tiger Media Inc. claims to have acquired eight key lease contracts from Symbol Media Corporation, which will allow the Tiger to take 100% control of the eight key Shanghai shopping center locations.
Interestingly, Symbol Media is majority owned and controlled by Stephen Zhu, the chief operating officer of China operations for a Tiger subsidiary with a minority interest held by Peter Tan, Tiger's CEO and a member of the Tiger's board of directors.
As of June 30, 2013, Tiger expects to have completed the installation of 77 LCD advertising and media screens in Shanghai at 13 different locations within seven prominent shopping districts. Consideration for the transaction was USD2.2 million which will be paid through the issuance of 2.05 million Tiger Media ordinary shares to Symbol Media.
Tiger and Symbol Media had originally entered into a joint venture arrangement for the Luxury Mall LCD media business, with Tiger Media owning 51% and Symbol Media owning 49% of the venture.
The LCD screens vary in size and system configuration based upon the location, with a length of between 42-82 inches. The LCD screens are typically installed in high traffic junctions with close proximity to the point of purchase for high end retailers.
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