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The agreements, which were with Shanghai Ling Yu Culture and Communication Ltd (Ling Yu) and Beijing Lian Fei Wireless Communication Technology Co Ltd (Lian Fei), affiliated companies of Linktone, were in connection with the Qinghai Satellite TV (QSTV) cooperation. Ling Yu, Lian Fei and the Chinese Youth League Internet, Film and Television Centre have reportedly mutually agreed to terminate all contracts associated with QSTV, which includes an exclusive advertising agent contract and a cooperation agreement.
Linktone said that its impairment charge associated with its investment in QSTV has been fully reserved.
The company now estimates the charge to be in the range of USD6.0m to USD7.0m, which will be included in Linktone's second quarter 2008 financial results.
No reasons were stated for the termination of the contracts.
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