Firm Represents Focus Media in Sale of Out-Of-Home Advertising Business Divisions to SINA
12.29.08
This is only gets display when printing
Simpson Thacher represented Focus Media (NASDAQ ticker: FMCN) in the sale of its out-of-home advertising business divisions to SINA Corporation (NASDAQ ticker: SINA). Under the terms of the agreement, Focus Media will sell its LCD, LED, in-store and poster frame advertising networks to SINA in exchange for 47 million newly issued shares of SINA, which Focus Media will distribute to its shareholders shortly after closing. At signing, the transaction was valued at US$1.37 billion. Focus Media is China's leading multi-platform digital media company. SINA Corporation is a leading online media company and value-added information service provider for China and for global Chinese communities. The transaction has been approved by both boards of directors and is not subject to shareholder approval. The transaction is subject to customary closing conditions and certain regulatory approvals and is expected to be completed in the first half of 2009.
The Simpson Thacher attorneys representing Focus Media in this transaction were: Chris Lin, Douglas Markel, Patrick Naughton, Daniel Fertig, Ian Ho, Wang Liang, Erica Fung and Maggie Zheng (Hong Kong and Beijing), Steven Erisch (M&A), Sean Austin (Tax), Rachel Berry and Paula Han (Executive Compensation & Benefits), Jonathan Youngwood and Andrew Cattell (Litigation), David Vann and Andrew Dempster (Antitrust), and Marcela Robledo (Intellectual Property).