SHANGHAI – Sina Corp and Focus Media Holding said on Monday they would effectively scrap their $1.4bn merger after months of government stonewalling over a deal that would have created China’s biggest private sector media company.
At the same time, Sina, China’s biggest web portal, announced that a group led by its management team would buy about 10 per cent of the company for $180m, which could be used for future acquisitions and corporate purposes.
