Xinhua sells $30 million in shares

China-based media company Xinhua Media Limited said Tuesday it sold $30 million in convertible preferred shares to investment group Yucaipa Cos.

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The conversion price is set at $6 per American Depositary Receipt, which represents a premium of 31 percent to the stock's closing price Friday of $4.58. Yucaipa was also granted one seat on the company's board as long as it holds half of the newly issued shares.

Yucaipa, which already owns $27.5 million in Xinhua stock, will own about 12 percent of Xinhua when it fully converts the offering to shares.