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Focus Media

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Focus Media
Company typePublic
IndustryAdvertising
Founded2003; 21 years ago (2003)
HeadquartersShanghai, China
Key people
Jason Jiang (chairman)
Zhi Tan (CEO)
Mingdong Wu (CFO)
Congrong Chen (COO)
Revenue$68.229 million USD (2005)
$22.786 million USD (2005)
$23.548 million USD (2005)
Number of employees
3548
Websitewww.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

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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]

References

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