Zoom Technologies acquisition target wins contract; shares jump

(Reuters) - Chinese mobile phones maker Zoom Technologies Inc (ZOOM.O) said its previously disclosed acquisition target company gained rights to provide media content to a major television broadcaster in China.

Shares of Zoom jumped as much as 23 percent on the news.

The company said Beijing Leimone Shengtong Culture Development Co has signed an agreement with China Central Television to provide approved media content to its mobile users.

The deal also includes bundling of CCTV.com's mobile TV access link onto Zoom's branded Leimone mobile phones and onto Zoom customers' phones, it said in a press statement.

CCTV, a state-run television broadcaster, holds 60 percent of China's mobile media services market.

Zoom said it expects to finalize the acquisition of Leimone Culture by mid 2010.

Shares of Zoom were up 12 percent at $8.12 in late-morning trade Wednesday on Nasdaq. They touched a high of $8.95 earlier in the session.

(Reporting by Vinay Sarawagi in Bangalore; Editing by Maju Samuel)