AMCN Airmedia Grp. ADS, Each Representing Two Ordinary Shares (MM)

The advertisement business in China continues to be a strong growth story. Chinese advertisers spent approximately $33 billion on advertising last year, and that number is expected to nearly double by 2014. The Bedford Report examines the outlook for companies in the Advertising Industry and provides stock research on Focus Media Holding Limited (NASDAQ: FMCN) and AirMedia Group Inc. (NASDAQ: AMCN). Access to the full company reports can be found at:

www.paragonreport.com/FMCN

www.paragonreport.com/AMCN

Earlier this year The World Federation of Advertisers announced the launch of the first joint China advertising self-regulation code. Adopted by the China Association of National Advertisers (CANA), the China Advertising Association and the China Advertising Association of Commerce, this marks the first set of ethical standards for the entire marketing industry in China.

The code demands that all brand communications be legal, decent, honest and truthful, that brands apply established principles of fair competition and recognize the special care required in marketing to children and young people.

The Bedford Report releases investment research on the Advertising Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.

AirMedia Group has exclusive advertising rights at 38 Chinese airports including 26 out of the 30-largest airports in China. AMCN also controls the advertising in thousands of in-seat screens on many Chinese airlines, such as China Eastern.

Focus Media places digital screens in high-rise elevators. The digital screens are loaded with commercials and enjoy a captive audience for the elevator ride. CEO Jason Jiang said in the company's third quarter earnings report that he expects advertising demand will "continue to be healthy and robust" for the rest of the year and 2012, driven by domestic consumption growth in China. Net income in the three months to Sept. 30 came to $62.2 million, or 44 cents per American Depositary Share, compared to $112.7 million, or 76 cents per ADS, a year ago.

Unfortunately for Focus Media, the company is now the latest target of the infamous short-selling research firm Muddy Waters LLC. Muddy Waters is accusing Focus Media of fraudulently overstating the number of screens in its liquid-crystal-display network and significantly and deliberately overpaying for acquisitions.

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