Focus Media snares injections from Goldman, 3i

Focus Media, China's biggest electronic ad sign company got cash injections from Goldman Sachs and UK private equity giant 3i. Goldman invested US$20m, 3i US$10m. Focus was set up in January 2003 and its plasma-screen ad business is exploding. The company says signs have now spread to lifts and other locations in more than 10,000 office blocks in 37 cities, making for a business that now generates RMB40m monthly. The signs also dot sports venues like arenas and golf courses. Earlier the company announced plans to raise US$100m on the NASDAQ where it plans to have its initial public offering in the first half of '05.