Sina Tech, 1/22/08
Focus Media's (Nasdaq: FMCN) wholly-owned subsidiary Hua Kuang Advertising and Japanese advertising firm Dentsu announced today that they will form a joint-venture online advertising firm named Digit Ones.
The new company will be established in Beijing by the end of March 2008, with registered capital of USD 9 mln, 67% of which is to come from Dentsu, and the other 33% from Hua Kuang. Dentsu will name the chairman of the new company, and will transfer all online advertising business from its Beijing and Shanghai subsidiaries to Digit Ones. Target revenue for the first year is roughly 5 bln Japanese yen (approximately USD 47 mln).