Editorial Summary

Transit-focused media advertising operator Sky Flying Media has joined with Business Media China AG's wholly-owned subsidiary BMC Advertising Co. Ltd to create an outdoor advertising joint venture. BMC will hold a 51 percent stake in the company scheduled to begin operations on April 1. The joint venture will begin operating its network in rail stations and expand into airports, subways and other areas. Business Media China said it will introduce the joint venture and revenue guidance at a mid-April conference in Frankfurt. Business Media China AG operates Chinese subsidiaries BMC Advertising and BMC Flying Dragon.

According to the BMC announcement, Skyflying Media's annual revenue exceeded RMB500 million in 2007. Sky Flying Media recently announced a new round of equity financing of up to US$83 million from Series A investors including Goldman Sachs, New Horizon Capital, Sequoia China and Farallon Capital.