'CCME's selling expense is only 3.5% of revenues vs. Focus which is over 20% of revenues. How can they maintain such a high margin without any selling expenses?'
Maybe you should invert your thinking and try to understand why Focus Media's network costs so much more to service and maintain than CCME's. The answers are in FMCN's filings. You should go read some of them, it will help you understand why the two companies financials are so different.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.