Focus Media plans to split its wireless service division and
list it to raise funds for the rapidly growing business, according
to its chief executive officer.
The division, which Shanghai-based Focus Media bought in 2006
for US$30 million, sells mobile phone advertisements and was the
fastest growing segment of Focus.
Jason Jiang, chief executive officer of Focus, revealed the plan
during the firm's third quarter earnings call but didn't specify
the location of the listing or how much money it would like to
raise.
Sales of its wireless services nearly tripled in the quarter to
US$14 million from a year ago, accounting for nine percent of the
company's total revenue.
According to Jiang, China's wireless advertising market is about
US$100 million in size, and Focus is leader with a 50-percent
share.
(Shanghai Daily November 23, 2007)
