GOING PRIVATE: Chinese digital media company Focus Media Holding Ltd. has received a proposal from a group of investors including its chief executive to buy the company and take it private.

DETAILS: The cash deal values the company at $3.49 billion. The group includes affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Ltd., along with Focus Chairman and CEO Jason Nanchun Jiang.

WHAT NEXT: The company has formed a committee of independent directors to consider the offer.