On Jan.13, 2010, City Media announced that it has acquired a total investment of US$30M from Northern Light Venture Capital (NLVC), with the first-phase capital already made in place. This also marks the first deal for China's new outdoor media industry in 2010.
It is understood that after the investment NLVC has appointed the founder Deng Feng and the partner Tan Zhi as the members of the board of directors in City Media. Mr. Tan will also serve as the chairman in the board of directors. City Media will focus on creating China's most professional print media network in urban community buildings' elevators after obtaining the investment.
According to Wu Zefei, CEO of City Media, the company is to target the medium & high-end income/consumptive consumers who can have deep contact daily with its independently-developed print media network in urban community buildings' elevators, and provide the most accurate strategy on the audience and the integrated marketing communication strategy for the advertisers.
Since its founding in Jun. 2009, City Media has spanned its business areas to more than 50 key cities in China, which has attracted a great number of clients from various industries such as automobile, finance, science & technology, real estate and consumption goods.
