SHANGHAI, Sept. 28 /PRNewswire-Asia/ -- SINA Corporation (Nasdaq GS: SINA),
a leading online media company and mobile value-added service (MVAS) provider
for China and for the global Chinese communities, announced today that the
Company and Focus Media Holding Limited (Nasdaq: FMCN) have jointly reached a
decision to not extend the deadline of the agreement announced on December 22,
2008, by which the Company agreed to acquire substantially all of the assets
of Focus Media's digital out-of-home advertising networks. The agreement was
set to expire if approval from the Chinese Ministry of Commerce was not
received by September 30, 2009.
"Although we still believe that the acquisition of Focus' out-of-home
advertising networks can provide strong synergistic effect to SINA's online
advertising platform and significantly enhance SINA's leading position in the
new media space, the delayed consummation of the transaction has negatively
impacted the business operations of both sides. Consequently, after due
consideration, we have decided with Focus' management that the best course of
action from here is allow the current agreement deadline to expire," said
Charles Chao, President and CEO of SINA Corporation.
"Although we will not move forward with the merger, we will continue our
strategic cooperation with SINA to provide our advertisers with more effective
integrated marketing," CEO and Chairman, Jason Jiang stated. SINA currently
dedicates a special section on its portal ( http://focusmedia.sina.com.cn/ )
to allow online users to view and learn more about Focus Media's out-of-home
advertisers.
About SINA
SINA Corporation (Nasdaq GS: SINA) is a leading online media company and
value-added information service provider in the People's Republic of China and
for the global Chinese communities. With a branded network of localized web
sites targeting Greater China and overseas Chinese, the Company provides
services through five major business lines including SINA.com (online news and
content), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and
games), SINA.net (search and enterprise services) and SINA E-Commerce (online
shopping). Together these business lines provide an array of services
including region-focused online portals, MVAS, search and directory,
interest-based and community-building channels, free and premium email, blog
services, audio and video streaming, game community services, classified
listings, fee-based services, e-commerce and enterprise e-solutions. The
Company generates the majority of its revenues from online advertising and
MVAS offerings, and, to a lesser extent, from search and other fee-based
services.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934 and is subject to the
safe harbor created by this section. SINA assumes no obligation to update the
forward-looking information contained in this press release.
For more information, please contact:
Cathy Peng
SINA Corporation
Tel: +86-10-8262-8888 x3112
Email: ir@staff.sina.com.cn
SOURCE SINA Corporation
