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.