Wednesday, December 24, 2008
Sina Purchases Focus Media Holdings Service
Focus Media Holding Ltd. has sold Sina Corporation its nationwide network of hundreds of thousands of flat panel displays that play video ads in places like stores and office building elevators. The $1 billion sale (in stock) shows the power of Internet companies in China.
Sina was founded in 1999 and operates China's most popular Web portal by advertising revenue. Focus Media will keep its INternet advertising division, movie theater advertising network and certain traditional billboards. (The Wall Street Journal, 12/23/08)