Beijing puts giant media marriage on the rocks


By : Melanie Lee
Date posted :2009-08-20 02:10:00

SHANGHAI (Reuters) - China's leading Internet portal, Sina Corp (SINA.O) is likely to call off its planned $1.4 billion purchase of Focus Media's (FMCN.O) core assets if the government fails to bless the marriage by a September deadline.

Since Sina unveiled the deal in December -- the largest in China's opaque media sector -- China's commerce ministry has repeatedly put off reviewing the deal, asking for additional documents, frustrating both Nasdaq-listed companies.

Sina and Focus have the option to either extend their talks or walk away by Sept 30, in a deal many analysts believed would bring about much needed consolidation in the crowded sector.

Analysts -- many with broad access to company officials -- have offered a wide range of reasons on why the deal is faltering, ranging from anti-trust concerns to likely pressure from China's two top state-run media firms.

One analyst said his checks with Sina management indicated the company will not pursue a deal after September.


Read the full article.

[Back to Previous Page]



Featured Jobs

Browse Featured Jobs

Employers post a job here

New Jobs

Browse New Jobs


Find A Local Executive and Management Job



    Featured Employers

    3E Bed Bath & Beyond BI-LO Brooks Running
    buybuy BABY C & S Companies Cabela's Incorporated Carestream
    Central Community College Christmas Tree Shops City of Hope Community Health Center, Inc.
    Compass Group Datto Foley Equipment Fresco Y Mas
    Harbor Freight Tools Harmon Harveys Ifbyphone, Inc.
    Information Services Group Integra LifeSciences InterContinental Hotels Group Interim HealthCare
    Keenan & Associates KPMG LMI Aerospace NeighborWorks America
    Nestle Purina O'Reilly Auto Parts Office Depot Packaging Corporation of America
    Phillips 66 Schaedler Yesco Distribution, Inc. Shimadzu Scientific Instruments, Inc. Southeastern Grocers
    Sun National Bank The Children's Village The Hanover Insurance Group The Nature Conservancy
    The Scotts Miracle-Gro Company Thorlabs tronc TSymmetry
    Union of Concerned Scientists US Ecology, Inc. Vermeer Midwest Winn Dixie
    World Market YRCI

    Partners

    Job Target One Click Recruitology