Sibling Group Holdings, Inc. (OTCPK:SIBE) signed a non-binding letter of intent to acquire the assets of Urban Planet Media & Entertainment Corp. in stock on October 30, 2014. The consideration includes the issuance of 12.5 million restricted common shares of Sibling Group Holdings, Inc. and 0.5 million shares of Preferred “A” convertible shares. Each Preferred “A” share is convertible into 20 common shares of the Company no sooner than 24 months from the date of issuance, at a conversion price of $0.5 per share, unless, otherwise agreed to in writing by all parties, and approved by the majority of the Board of Directors of the Company. The transaction is subject to due diligence, customary conditions including approval of a definitive agreement and the approval of the Sibling Group Holdings, Inc.'s Board of Directors. The transaction is expected to close by December 31, 2014.

Sibling Group Holdings, Inc. entered into and completed the initial closing pursuant to a share exchange agreement to acquire Urban Planet Media & Entertainment, Corp. on January 28, 2015. As per the agreement , Sibling Group Holdings agreed to issue up to 10.5 million unregistered common stock, and 0.5 million shares Series A Convertible Preferred Stock to the shareholders of Urban Planet In addition, Sibling Group Holdings agree to reserve for issuance within 30 days after the completion of the acquisition of a 100% interest in Urban Planet Media 2 million shares of Common Stock On January, 28, 2015, Sibling Group completed an initial closing pursuant to the share exchange agreement whereby Sibling Group acquired approximately 61.7% of Urban Planet Media's outstanding common stock in exchange for 6,481,360 shares common stock and 308,635 Series A preferred stock. The agreement may be terminated by the Urban Planet Shareholders or Sibling Group only (a) in the event that the Sibling Group or Urban Planet do not meet the conditions precedent set forth in Articles V and VI and (b) or (b) if the initial closing has not occurred by January 31, 2015. The transaction is subject to conditions including approval by the Urban Planet Shareholders. The exchange shall have been approved by the holders of not less than 60% of the Urban common stock, including voting power, of Urban Planet. Transaction is also subject to approval by the Sibling Group shareholders.