SHANGHAI, Sep. 24, 2009 (Xinhua News Agency) -- Focus Media Holding Limited (NASDAQ:FMCN) (FMCN.NASDAQ) announced on Wednesday that the company had reached a definitive agreement with its executive chairman Jason Jiang to issue and sell to him 75 million ordinary shares at a subscription price of 1.899 US dollars per share.

The aggregate subscription price is 142.4 million dollars. The shares subscribed to Jiang will be subject to a six-month lock-up period while he and the company will have customary registration rights pursuant to a Registration Rights Agreement with the subscription.

Jiang will hold approximately 19 percent of the company's outstanding issued shares. In accordance with the definitive agreement, he has the right to nominate one new director to take the place of the current executive director.

The company announced its financial results for the second quarter ended June 30, 2009 on September 18. Its net revenues from continuing and discontinued operations were 82.1 and 89.2 million dollars, a decline of 23 and 15 percent year on year, respectively. Its net loss attributable to shareholders was 23 million dollars, having decreased 163.7 percent year on year.

Regarding the much-delayed deal with China's leading Internet portal Sina Corp. (NASDAQ:SINA) , Focus Media said the transaction is still undergoing an anti-trust review by the Ministry of Commerce of China.

If it is not approved by the end of September 2009, alternative options for cooperation will be explored, including the extension of the closing deadline and altering the deal's structure.

Focus Media Holdings is China's leading multi-platform digital media company.