Mobile phone ring-tone provider Hurray Holding yesterday announced it would merge with China's largest private television program producer Enlight Media to create the country's largest independent media content provider.

Under the terms of the deal, Enlight Media would inject all of its assets into the NASDAQ-listed Hurray, which would then change its name to Hurray Enlight Media Group Ltd.

The new company would be 42 percent owned by Enlight Media, and its share could grow up to 65 percent in two years if the average share price exceeds $8.5 for 60 consecutive trading days.