UPDATE 1-Focus Media sees $200 mln restructuring charge in Q4
Dec 9 (Reuters) - Chinese digital advertising company Focus Media Holding Ltd (FMCN.O) said it plans to restructure its in-store advertising unit and expects a related fourth-quarter non-cash charge of about $200 million, sending its shares down 7 percent.
The company also terminated its remaining wireless advertising business segment, citing market conditions, and said it expects a related charge of about $20 million, also in the fourth quarter.
Focus Media also said it was not making additional performance-based payment of $182 million for CGEN, which it acquired early this year, that was contingent upon CGEN meeting certain earnings targets during the 24-month period following the closing of the transaction.
Shares of the company fell to $6.72 in trading after the bell. They closed at $7.24 Tuesday on Nasdaq.
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