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Yesterday, China Tech News was reporting that this news would be announced over the weekend but already other sources on the Internet are confirming the deal as done.

As one of the largest video websites in China, Ku6.com, with its good user experience and unique video marketing ideas, gained some of the most advertising income among Chinese video websites for three consecutive years. Founded in 2006, Ku6 competes with other popular online video sites like Tudou.com and Youku.com; partnering with Hurray to offer mobile video services—among other features—could help the company differentiate. Ku6 was backed by two rounds of funding from DFJ, DT Capital Partners, UMC Capital and SBI Broadband Fund; the company raised at least $30 million.

In turn, Shanda Interactive Entertainment Limited was founded in November 1999 and entered the Chinese online game market in September 2001 and now is one of the largest online game operators in China. Shanda's financial report for the second quarter of 2009 ended June 30 showed that its net revenue increased by 11.8% quarter-over-quarter; and its operating profit increased by 12.7% quarter-over-quarter. In addition, during the first half of 2009, Shanda's net revenue increased by 44.9% year-on-year to CNY2.344 billion; and its operating profit increased by 49.6% year-on-year to CNY969 million. The company will publish its third quarter financial report on December 2, 2009.

Source: PaidContent.org