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ChinaNet Acquires Two Advertising Agencies, 2/11/11

Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) today announced the acquisition of two privately-owned advertising agencies for approximately USD 2.5 mln, to be paid over a three-year period. The two companies - Zhiyuan Marketing Planning Co., Ltd. and Tianxi Shunhe Advertising Co., Ltd. - are based in Quanzhou, Fujian.

Both companies provide branding and marketing services to 50 small and medium-sized enterprises (SMEs) in the sports apparel and clothing industries, including 10 well-known brand-name companies. ChinaNet estimates that each brand name client contributes an average of USD 80,000 to USD 100,000 to the two companies' annual revenues.

Keywords: online advertising TV advertising Internet advertising CNET ChinaNet revenue television M&A

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