TKK Symphony acquired Glory Star New Media Group for $525m.

TKK Symphony, a special purpose acquisition company, acquired Glory Star New Media Group, a leading mobile and online digital media and entertainment company in China, for $525m. Sing Wang, Chairman and CEO of TKK Symphony Acquisition Corporation, commented: “We are delighted to partner with Glory Star. Mr. Bing Zhang is a reputable media veteran with over 30 years of experience in the sector, most notably with Trends Group. Moreover, Glory Star is a prolific generator of video content, producing over 150 minutes of original, premium content on a daily basis. As a young company, Glory Star achieved profitability in its debut year of 2017, generating over $30m in revenue for its first year. Running at full steam in its third year of operations in 2019, the company expects to reach an estimated net profit of $25m for the full year, despite the sharp depreciation of RMB as of late. Going forward, we are confident that Glory Star will leverage its public company status to further expand its leadership across China's booming consumer media sector upon the completion of its business combination with TKK Symphony.”