Focus Media, the company that controls the majority of flat-panel TV displays that show advertisements in office buildings in Chinese cities, has signed a contract to buy its rival Target Media. This comes after Focus Media's acquisition of Framedia which has a network of print posters for advertising use inside elevators and other places in office and residential complexes.

Like outdoor advertising, it is impossible to avoid the flat-panel screens if you live in Chinese cities. In a fragmenting media environment, this means that more and more advertisers are going to use such channels. The NASDAQ-listed Focus Media is therefore probably one of the safest investments in the Chinese advertising and media industries.