Shearman & Sterling is representing Target Media Holdings Limited (Target Media) and its selling shareholders in connection with the acquisition by Focus Media Holding Limited (Focus Media) of 100% of the outstanding equity interests of Target Media.  Focus Media will pay the selling shareholders a total purchase price of US$325 million, consisting of US$94 million in cash and US$231 million of newly-issued shares of Focus Media valued at US$3 per share.

Focus Media, whose American Depositary Shares are listed on Nasdaq, operates the largest out-of-home advertising network in China using audio visual flat-panel displays.  Target Media, whose principal financial investors are affiliated funds of The Carlyle Group, operates the second largest out-of-home advertising network in China.

The Shearman & Sterling team comprised partners Leiming Chen (HK-CM) and Lee Edwards (BJ-MA), counsel Ken Lebrun (TO-MA) and associates Alan Yeung (HK-CM) and Chris Chen (BJ-MA).