Legend Media Shifts into Acquisition Gear with New Hire

Monday, Legend Media (LEGE.OB) announced the appointment of a new Chief Financial Officer. I've seen many CFOs come and go, and this CFO, I have to say, must be one of the most qualified I've encountered. His name is William Lee and his credentials are quite stellar.

First, he has a PhD from MIT and did postgraduate work at Harvard. He published a book on Chinese politics. He worked for McKinsey in China. He then worked for TNT China where he was responsible for the acquisition of Hoau, the largest private road transportation company in China. He then worked for Transworld Capital Group, where he was Managing Director (they need to update their website).

LEGE's press release is interesting in that it went into great lengths to emphasize the fact that Mr. Lee has substantial M&A experience, which, in addition to his track record at TNT, included the following:

"Lee's notable M&A career achievements began at Asimco as Assistant President, where he oversaw business acquisition, joint venture establishment, and post-acquisition integration in the sectors of automotive components and beer brewery. It was during this time that he negotiated the successful sale of Five-Star Beer to Tsingtao Beer, which was the largest M&A transaction in the industry at that time."

Why would the company highlight this transaction from early in Lee's career, when he was just an "Assistant President"? I think the message is clear. LEGE appears to be kicking into an aggressive acquisition mode. This, right on the tail of its successful acquisition of a Tianjin-based company that has radio advertisement rights to this city of over 10 million residents. The fact is, my interest is piqued. This company's story is looking better and better every day.

My Position: None.