{
  "docId": "019dd923-622c-750b-8b95-e976ef3dfa16",
  "docSlug": "7f8b05d541c7",
  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-11-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7070758,
  "pageNumber": 10,
  "pageCount": 80,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a series of investigative claims to challenge the company's public disclosures, supported by footnotes referencing SEC filings and analyst conversations.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-e976ef3dfa16/10",
  "deckHref": "/decks/019dd923-622c-750b-8b95-e976ef3dfa16",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-e976ef3dfa16.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-e976ef3dfa16#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is indisputable that FMCN routinely overpays for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f5a-f0f24d6d071f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "FMCN claims that the majority of its LCD displays are in \"heavy-traffic areas of commercial office buildings.\" However, only approximately 30% of FMCN's screens network-wide are in office buildings.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21918129-3ab8-4fa2-8be3-2bb76197ebe8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "FMCN is deliberately overpaying for acquisitions. It has written off $1.1 billion out of approximately $1.6 billion in acquisitions.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40cb1a4e-b921-444f-b18b-8e8291e3bc01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "FMCN's real network has a large \"Tier Free\" skew. Note that approximately 50,000 screens (over 40% of the network) are in Tier III and Tier IV cities.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c9ecbd3-593a-4d87-8141-5611fcc2111c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "FMCN overstates its Tier I screens by approximately 67%. According to analysts, FMCN states that it has in excess of 50,000 displays in Tier I cities. It actually has fewer than 30,000 such screens.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85d06ed3-e950-4bc1-9f50-93195bbad63f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.79
      },
      "kind": "source-note",
      "text": "48-54: Footnotes detailing sources including 20-F filings and conversations with FMCN.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd699c49-f707-43dc-a6f9-bc90bb9ceddc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.14,
        "y": 0.53
      },
      "kind": "title",
      "text": "VI. Goodwill Hunting at the Olympus Games",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31925aed-c3c2-45e5-97b5-8e77e26e7d95",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e68c528d-b07e-4d53-8a39-cbe1307723b7",
      "evidence": "The slide systematically lists discrepancies between company claims and estimated reality to build a case for fraud.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 5,
      "beatId": "f108e478-2bd9-475d-b511-0386bb005a72",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The report exposes contradictions and misrepresentations in FMCN's financial reports",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 5,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "77f7466d-b36e-42bc-8a56-fe21be73b390",
      "evidence": "The report presents evidence of suspicious transactions and potential fraud",
      "position": 0,
      "objective": "Exposing contradictions in FMCN's financial reports",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}