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By Zhao Runhua / Dec 26, 2018 11:12 AM / Business & Tech

Focus Media chairman Jiang Nanchun. Photo: VCG

Focus Media chairman Jiang Nanchun. Photo: VCG

Outdoor advertising giant Focus Media has completed a planned share transfer to Alibaba affiliates.

In July, Caixin reported that Focus Media would receive a“strategic" investment worth 15 billion yuan ($2.2 billion) from Alibaba affiliates. 

The completion of the deal means Alibaba (China) Technology, Alibaba Group's e-commerce and IT subsidiary, now holds 5.28% of Focus Media, according to a statement published Tuesday. Meanwhile, Alibaba's subsidiary Alibaba Investment and affiliate New Retail Strategic Opportunities Fund jointly hold 2.71% of Focus Media. 

Focus Media is currently cooperating with Alibaba’s cloud service team in digital advertising and distribution. The company has also partnered with big-data giants including Baidu to acquire search engine data and track users’ e-commerce preferences.

Related: Alibaba Takes Control of Struggling Film Unit

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