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A Critical Failure in the Focus Media Story (FMCN)

A Critical Failure in the Focus Media Story (FMCN)

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Published by matberry
In 2008, FMCN claimed business relationships with 27,164 theaters in urban China. Data sources, web pages, and government websites report that the total number of urban theaters in China at that time was only 1,545.
In 2008, FMCN claimed business relationships with 27,164 theaters in urban China. Data sources, web pages, and government websites report that the total number of urban theaters in China at that time was only 1,545.

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Categories:Business/Law, Finance
Published by: matberry on Jan 13, 2012
Copyright:Attribution Non-commercial

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05/13/2014

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A Critical Failure in the FocusMedia Story
Re: Focus Media Holding Limited (FMCN)
 
Matt BerryJanuary 12, 2012
Disclosure: I am short FMCN.
I am not infallible. Every investor must do their own duediligence. Every investor must make an individual decisionbased on his/her judgment of the company and themarket.This is not a recommendation to buy or sell a security. Imay not (and usually do not) post changes I make to mypositions.
 
Chinese Urban Theaters in 2008
In 2008, FMCN claimedbusiness relationships with27,164 theaters in urbanChina.
Data sources, web pages,and government websitesreport that the totalnumber of urban theaters inChina at that time was only1,545.
05,00010,00015,00020,00025,00030,000
FMCN's claimed
network of urbantheaters
Total urban theaters in
China
How many Chinese urbantheaters in 2008?
 
FMCN:
How many was that? 
27,164 theater screens in 2008?
“The increase is primarilyattributable to …
increasedleasing costs associated with timewe rent on movie theater screensas a result of 
an increase in thenumber of theaters we lease inour network from10,930 in 2007to 27,164 in 2008.
 See also,
As of December
31, 2008, wehad rights to lease advertisingtime on screens in 27,164 movietheaters in
cities
 
across China.”

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