The stock of the LUCERO Entertainment Group, the maker of the world’s first and most famous live-streaming television program, luceros entertainment, plunged on Monday after Sony Pictures Entertainment and Universal Pictures agreed to sell the company to a group led by Chinese media mogul Li Ka-shing.
The stock price dropped 7.4 percent to a record low of $8.85 per share, while shares of the entertainment company were down more than 6 percent.
Shares of Sony Pictures rose 8.9 percent to $79.75.
Shares of Universal Pictures were down about 7 percent to an all-time low of a record $1.86.
Lucero Entertainment, based in Shanghai, said it would take $50 million in cash and debt from Sony Pictures.
The sale was first reported by The Wall Street Journal.
The entertainment company said on Monday that Sony Pictures had not made a “significant offer” to it, but that it believed that “the parties are mutually agreeable.”
Lucero Entertainment said in a statement that Sony’s offer was “too low.”LUCERO, which means “love” in Spanish, has become a popular way to watch live-action and animated shows, particularly on Chinese-language websites and social media platforms.
It launched a live-TV service in 2014 and launched the Lucero Live Channel in 2019, which offers live TV broadcasts in Spanish and Chinese.LUCERO has also developed an online service for its fans to watch the show.