Skyflying Raises $83 Million

Skyflying Media, a Chinese outdoor media advertising company, has raised $83 million in Series A funding. Backers include Goldman Sachs, New Horizon Capital and Sequoia China. Citigroup Global Markets served as Skyflying's financial advisor.



Skyflying Media completed a round of strategic equity financing by Series A investors such as well-known global investment bank Goldman Sachs, leading private equity firm New Horizon Capital and venture capital fund Sequoia China, with the financing amount up to $83 million. This is the largest private equity financing recorded in China's outdoor advertising business. Citigroup Global Markets served as the exclusive financial adviser of this private equity transaction.


Founded in 2006, Skyflying Media is China's largest outdoor media advertising operator focused on the field of transportation system, and has established leading outdoor media networks in the high-end and audience- intensive transport hubs such as airports, subway stations and railway stations in Beijing, Guangzhou and Shenzhen.


Along with the completion of this round of investment, Dr. Jianming Yu, CEO of New Horizon Capital, representative(s) of Goldman Sachs and former CEO of Viacom Outdoor, Mr. Tom Goddard will all join the Board of Directors of Skyflying Media. Other Series A investors such as the famous venture capital fund Farallon Capital also participated in the investment of this round of financing.


As to the successful completion of the financing, Jonathan Zhang, CFO of Skyflying Media, said, “The interest shown by numerous top international investment banks and venture capitals to Skyflying Media proved our excellent development strategy and outstanding execution capacity; it also reflected the leading position and future growth potential of Skyflying Media in China's outdoor advertising market. Our goal in the next phase is to accelerate the access and integration of high-end outdoor media resources, and to converge with international capital market as soon as possible, thus realizing the long-term development strategy of the company with a solid capital base.”


Wendong Zhang, Managing Director of Citigroup Global Markets, said, “We feel quite honored to offer help in this private equity financing transaction and the long-term development of Skyflying Media. We are very optimistic about the long-term development and industry consolidation potential of China's outdoor advertising, and we believe Skyflying Media will take full advantage of the opportunities to further enhance its leading position in the industry through spontaneous growth and integration.”