SINA Corporation (SINA) said that it has dropped plans for acquiring Focus Media Holding Limited (FMCN) due to the delay in approval from China's Ministry of Commerce regarding antitrust issues. The companies have decided not to extend the deadline of the agreement. In order to provide more effective and integrated marketing solutions, SINA entered into a definitive agreement with Focus Media Holding Ltd. in 2008 to acquire substantially all of the assets of Focus Media's digital out-of-home advertising networks, including LCD display network, poster frame network and in-store network.   SINA had said that the $1.4 billion transaction was undergoing antitrust review by the Department of Commerce in China. The companies said that the delay in receiving the approval from the antitrust authorities negatively impacted its business operations. Thus, after due consideration the decision to terminate the contract was taken jointly by both the companies. The ...

Guidance Overview   SINA Corporation’s (SINA) third quarter revenue guidance of $91.0 – $94.0 million was below the Zacks Consensus Estimate of $97.0 million. The shares fell 1.12% and closed at $30 yesterday when the company’s lower third quarter 2009 outlook disappointed investors. SINA expects Advertising revenues to be $60.0 – $62.0 million and non-advertising revenues to be $31.0 – $32.0 million in the third quarter. The company remains guarded on advertising spending, particularly brand advertising, as consumers remain cautious. Economic growth in China has continued to slow down in the global economic downturn. SINA is also facing severe competition in its mobile business and expects it to be flat in the next few quarters. Competition in the online brand advertising field in China is fierce crowded by big players such as Sohu.com Inc. (SOHU), Shanda Interactive (SNDA) and Baidu, Inc. (BIDU)....