Focus Media Announces US$100 Million Share Repurchase Program
SHANGHAI, China, July 16, 2008 /Xinhua-PRNewswire via COMTEX/ — Focus Media
Holding Limited (FMCN), China’s leading multi-platform digital media company,
today announced that its board of directors has approved a share repurchase
program. Under the terms of the approved program, Focus Media may repurchase up
to US$100 million worth of its issued and outstanding American depositary shares
(”ADSs”). The repurchases will be made from time to time on the open market at
prevailing market prices or in block trades. The purchases will be made subject
to restrictions relating to volume, price and timing. The timing and extent of
any purchases will depend upon market conditions, the trading price of its ADSs
and other factors. Focus Media expects to implement this share repurchase program
over the course of the next 12 months, effective immediately, in a manner
consistent with market conditions and the interest of the shareholders. Focus
Media’s board of directors will review the share repurchase program periodically,
and may authorize adjustment of its terms and size accordingly. Focus Media plans
to fund repurchases made under this program from its available cash balance.
Tan Zhi, chief executive officer of Focus Media, commented, ”Our Board’s
approval of the share repurchase program reflects our commitment to increase
shareholder value and our confidence that the current ADS price level does not
reflect our potential value.”
About Focus Media Holding Limited
Focus Media Holding Limited (FMCN) is China’s leading multi-platform digital
media company, operating the largest out-of-home advertising network in China
using audiovisual digital displays, based on the number of locations and number
of flat-panel television displays in our network, and is also a leading provider
of mobile handset advertising and Internet marketing solutions in China. Through
Focus Media’s multi-platform digital advertising network, the company reaches
urban consumers at strategic locations and point-of-interests over a number of
media formats, including audiovisual television displays in buildings and stores,
advertising poster frames and other new and innovative media, such as outdoor
light-emitting diode or LED digital billboard, mobile handset advertising
networks and Internet advertising platforms. As of March 31, 2008, Focus Media’s
digital out-of-home advertising network had approximately 119,200 LCD display in
its commercial location network, approximately 61,400 LCD displays in its
in-store network and 246,900 advertising in-elevator poster frames, installed in
over 90 cities throughout China, and approximately 200 outdoor LED billboard
displays in Shanghai. For more information about Focus Media, please visit our
website at http://ir.focusmedia.cn .
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