Hurray Buys Stake In Chinese Record Label

According to a press release, Chinese mobile content company Hurray! will buy 30% of Chinese record label Beijing New Run Entertainment for $2.25 million in cash. The record label apparently has some big artists in China, and Hurray expects the deal to close by the end of the year.
“This further enhances our market leadership in music content and production capabilities, and takes us one step closer toward our goal of becoming a leading digital entertainment house in China,” said QD Wang, Chairman and Chief Executive Officer of Hurray!. I assume there’s some content benefits for Hurray, which has a habit of buying into content companies…eg: music company Freeland and Java game developer Magma.