Focus Media and Sina Call Off Merger
Focus Media, 9/28/09
Chinese digital media and Internet advertising operator Focus Media (Nasdaq: FMCN) has announced a joint decision with Chinese internet company Sina (Nasdaq: SINA) not to extend the deadline of their merger agreement announced on December 22, 2008, by which Focus would sell substantially all of the assets of its digital out-of-home advertising networks. The agreement was set to expire if it did not receive approval from China's Ministry of Commerce by September 30, 2009.
Focus Media chairman and CEO Jason Jiang said, "The recently launched special zone for Focus Media's advertisers on the portal of Sina has preliminarily proved the synergy our business might have with Sina. Although we will not move forward with the merger, we will continue further and more intensive strategic cooperation with Sina in the long run, to give full play to the advantages and strengthen the competitiveness both Focus Media and Sina enjoy in our respective media spaces."
Keywords: Jason Jiang Focus Media digital media Internet television Ministry of Commerce Sina FMCN out-of-home display online advertising M&A
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