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Hurray Buys Record Label Stake

The company will pay more than $2 million.
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Hurray! Holding

(HRAY)

, a China-based distributor of ringtones and wireless music, agreed to acquire a 30% equity interest in independent record label Beijing New Run Entertainment.

New Run specializes in production and distribution for its portfolio of artists like Pang Long, Nanhe Beidou, Chang Hai and Da Mai.

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Hurray will pay $2.25 million in cash for the stake in New Run. Hurray said the transaction will add to its earnings, and it should close the deal before Dec. 31.

Shares of Hurray were down 1 cent at $6.60 Thursday.