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Sina, Focus Media drop $1.4B merger plan

(Agencies)
Updated: 2009-09-29 10:27

SHANGHAI: Sina Corp and Focus Media Holding Ltd said on Monday they would effectively scrap their $1.4 billion merger that would have created China's biggest private sector media company.

At the same time, Sina, China's biggest Web portal, announced that a group led by its management team would buy about 10 percent of the company for $180 million, which could be used for future acquisitions and corporate purposes.

A successful merger, which would have been the largest among publicly traded companies in China's media industry and would have created a diversified giant media company able to compete with the country's two media titans, Beijing-based China Central Television and Shanghai Media Group.

The deal, first announced in December, would have seen Sina buy all of Focus' core outsider advertising assets. But the Ministry of Commerce, which would have to approve the deal, said it needed more information even as a Sept. 30 deadline set by the two sides approached.

"The delayed consummation of the transaction has negatively impacted the business operations of both sides," said Charles Chao, chief executive of Sina, in a statement.

"We have decided with Focus' management that the best course of action from here is (to) allow the current agreement deadline to expire," he said.

Up until last month, both Sina and Focus were adamant about their commitment to the deal, with Chao saying that walking away from it would be the last option. Chao said then that the most preferred alternative was to restructure the deal.

It is unclear why that option was dropped, and Sina and Focus could not be reached for a comment.

Sina, China's largest Internet portal company by advertising revenue, competes with Sohu.com Inc and NetEase.com Inc.

Shares of Sina were up 3.7 percent, or $1.32, at $36.57 in Nasdaq trading. Focus shares were off 2.3 percent, or 25 cents, at $10.78.