SHANGHAI Media Group, the city's media conglomerate, will purchase a 36.6 percent stake of SVA Information Industry for 1.9 billion yuan (US$287 million) at 7.67 yuan per share, it is learned today.

SVA will also acquire SMG's new media subsidiaries BesTV and Shanghai Radio, Film & TV Production Co Ltd for 1.22 billion yuan.

Shares of SVA Information Industry surged to the daily limit of 10 percent for the second day to close at 10.14 yuan after a four-month suspension to wait for the company's restructuring plan.

The SVA asset restructuring is still subject to regulatory approval.