HK portal in $38m deal to buy China outdoor vendors

<p>BEIJING: Internet portal Tom.com will spend about HK$292 </p><p>million (US$38 million)buying five outdoor companies in </p><p>China. </p><p><BR><BR> </p><p>The acquisition of Beijing Yanhuang, Times Advertising, China Media </p><p>Network, Tianming Advertising, Qilu International Advertisement and </p><p>Qingdao Chunyu Advertising gives Tom.com more than 134,000 square metres </p><p>in outdoor advertising space in China. It expects to earn more than </p><p>HK$350 million this year from the acquisition, which will expand </p><p>its network to Beijing, Shanghai, and five provinces. Tom.com chief </p><p>executive officer and executive director, Sing Wang, said: "Building a </p><p>leading outdoor media network in China is a cornerstone of our </p><p>cross-media strategy. These strategic moves are important building </p><p>blocks for further expansion in the market. </p><p><BR><BR> </p>