At the same time, a group of investors led by Sina CEO Cao spent 180 million U.S. dollars to purchase approximately 10% stakes of Sina.com.

Sina said the money was to be used for future acquisitions and the company’s general corporate expenses.

“Wall Street Journal” online edition reported that according to the terms of the agreement announced in December last year, Sina was going to issue shares for the acquisition of Focus Media’s framework advertising, building television, and stores advertising. If it did not get approved by the Ministry of Commerce by Wednesday of this week, the agreement would automatically be terminated. Guowei Chao said earlier this month, the deal was unlikely to be granted before the deadline.

Guowei Cao said in a press release on Monday: “Although the co-operation with Focus media will bring about strong synergies impact, but the delay will also have a negative impact.” But the two sides still plan to continue to cooperate.