Focus Media Basking in the Near-Term Glow
Updated from Nov. 24
BEIJING -- Shares of Focus Media (FMCN) are flirting with historic highs, up 14% since the Chinese advertiser beat third-quarter earnings expectations last Tuesday.
Based on Friday's close of $68.16, Focus Media has more than doubled in value so far this year, boasting a 102% rise.
The Shanghai-based firm's strategy: push deeper into existing markets in China's richest big cities and accelerate the move into less affluent, fast-developing cities, all the while continuing to scoop up smaller ad firms.In a move CEO Jason Jiang said would "strengthen our focus" on expansion in China's second tier of cities in 2007, the company on Monday named a new chief operating officer, former head of marketing Diana Congrong Chen. The company is a pure play on the
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