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Rumor: Google to Acquire Focus Media Online Ad Subsidiary Allyes
Focus Media Holding Limited (Nasdaq:FMCN) plans to sell its online advertising subsidiary Allyes Online Media Holding Ltd to Google (Nasdaq:GOOG), which may complete the acquisition through its ad subsidiary DoubleClick, reports qq.com quoting unnamed sources. Focus Media previously planned to sell Allyes to Microsoft (Nasdaq:MSFT) but the parties failed to reach an agreement, said sources.
Allyes is looking for a buyer with more than $500 million and has contacted Google and Microsoft subsidiary MSN, reports Sina quoting unnamed investment industry sources. Google China president Li Kaifu would not comment on the acquisition news, said the report. Focus Media market relations and Allyes public relations departments said that they had not heard of the acquisition.
Focus Media's third quarter revenues from online advertising were $70.8 million, up 66.5% from a year ago and down 7% from the second quarter. Allyes submitted a draft registration statement for its initial public offering to the U.S. Securities and Exchange Commission on September 19.
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