On March 24, 2017, SeaWorld Entertainment, Inc. and Zhonghong Zhuoye Group Co. Ltd. issued a joint press release announcing that an affiliate of ZHG Group, Sun Wise (UK) Co. Ltd. (ZHG), would acquire approximately 21% of the outstanding shares of common stock of the company (the Sale) from funds affiliated with The Blackstone Group, L.P. (Blackstone), pursuant to a Stock Purchase Agreement between ZHG and Blackstone (the Stock Purchase Agreement). In connection with the closing of the sale, the company agreed to appoint two ZHG director designees to the company’s board of directors, Mr. Yoshikazu Maruyama and Mr. Yongli Wang (the Initial ZHG Designees), pursuant to ZHG’s rights under the Stockholders Agreement. The company is also increasing the size of the Board from 10 directors to 11 directors in connection with the closing of the Sale, and Mr. Peter Wallace is expected to resign as a director in connection with the closing of the Sale.