Focus Media pays $300 million for internet advertiser

China's Focus Media will acquire Allyes Information Technology, a China-based internet advertising company, in a cash and stock deal.

Focus Media Holding, a China-based display advertising company, will spend up to $300 million in cash and stock to acquire Allyes Information Technology, an internet advertising service company in China.

Focus Media is making the acquisition to enter China's growing internet advertising market and further diversify the advertising medium through which is reaches consumers. It will acquire 100% of Allyes equity for $70 million cash and $155 million of Focus Media shares, based on a price of $77.62 per ADS...

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