The move was approved by 97.3% of the votes cast an extraordinary general meeting held on Friday.
The move to take the company private was initiated last year by founder, chairman and CEO Yu Dong. In order to finance the deal he brought in support from some of the China’s biggest Internet conglomerates.
Immediately following the deal, the special purpose takeover company will be beneficially owned by (i) Yu, (ii) Uranus Connection, (iii) Alibaba Pictures Group Limited and its affiliates, (iv) Willow Investment, an affiliate of Tencent, (v) Orrick Investments, an affiliate of Fosun International, (vi) Sequoia Capital China I, and its affiliated funds, (vii) SAIF Partners IV, and (viii) All Gain Ventures.
The company says that the investors will quickly to complete the delisting. It is widely assumed that the company will seek to relist on one of the Chinese stock markets, where valuations for media and entertainment companies are significantly higher than in North America.