Sina-Focus Media Deal Collapses
Chinese Web portal and mobile phone content provider Sina’s (SINA) deal to acquire the billboard operations in China of Focus Media Holding (FMCN) has collapsed today, almost ten months after it was first announced. The deal had been a thorn in Sina’s side since it was announced on December 22 last year, and has been the subject of intense scrutiny among sell-side analysts in the past week. Focus Media shares rose 20 percent from Monday to Friday last week on expectations that terms would be restructured to allow the sale to go ahead.
