- VisionChina Media (NASDAQ:VISN-OLD) is off 15.2% after saying it's reached a new deal to sell nearly half its subway mobile TV ad business.
- VisionChina has a new deal with Ledman Optoelectronic to sell it 49% of VisionChina New Culture Media for 382.2M yuan (about $57.5M).
- The companies had originally reached a $119M deal for the sale of the entire business in February, before Ledman applied to suspend the transaction last month.
- That deal's now terminated. "The sale of our subway mobile TV advertising business is a critical and strategic step for VisionChina Media, and we remain open in the future to sell the remaining 51% of our equity position in New Culture," says VisionChina CEO Limin Li.