It’s been about a decade since China media entrepreneur Bruno Wu has controlled a substantial publically traded company. Wu also transferred 55% of the Wide Angle Group, a media company, to Wecast at no cost. For its part, Wecast paid $800,000 in cash and a $50 million promissory note to Wu that can be exchanged for its shares at $1.33 each. Wu and Wecast would share profit under certain conditions. Wu is the founder of Sun Seven Stars Media Group, a private media and investment company.

Source: Forbes February 05, 2017 14:38 UTC