Focus Media Explained

Focus Media
Type:	Public
Foundation:	2003
Location:	Shanghai, China
Key People:	Jason Jiang, Chairman Zhi Tan, CEO Mingdong Wu, CFO Congrong Chen, COO
Industry:	Advertising
Revenue:	$68.229 million USD (2005)
Operating Income:	$22.786 million USD (2005)
Net Income:	$23.548 million USD (2005)
Num Employees:	3548
Homepage:	http://www.focusmedia.cn

Focus Media Information Technology, formerly Focus Media Holding, is a Chinese company which operates out-of-home advertising in China which consist predominantly of digital signage screens and claims to own the country's largest Internet advertising agency.

Alleged fraud

In November 2011, Muddy Waters Research reported massive fraud and corruption within the company.^[1] Focus denied the allegations. In May 2013, the company was subsequently taken private and delisted rom the Nasdaq by a private equity consortium that included FountainVest Partners, The Carlyle Group, China Everbright and CITIC Capital.^[2]

In June 2015, Focus Media reached a $7.4 Billion deal to list on Shenzhen Stock Exchange via reverse merger.^[3]

Notes and References

1. Web site: Focus Media plunges after Muddy Waters charges. Soham Chatterjee and Ryan Vlastelica . 21 November 2011 . Reuters . 25 November 2011.
2. Web site: 2012-12-21 . Focus Media accepts US$3.7b buyout offer . 2023-06-22 . South China Morning Post . en.
3. News: Gough . Neil . 2015-06-03 . Focus Media Reaches $7.4 Billion Deal to List in Shenzhen . en-US . The New York Times . 2023-06-22 . 0362-4331.