December 22, 2008 at 13:28 PM EST
SINA To Buy Focus Media
SINA Corporation (Nasdaq: SINA) announced a $1.2 billion deal to buy substantially all of the assets of Focus Media Holding Ltd.'s (Nasdaq: FMCN) digital out-of-home advertising networks. Shares of SINA plummeted $4.39 to $24.85 while Focus Media stock plunged $1.99 to $8.99.

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