Three years after paying $225 million to buy online ad company Allyes, Chinese ad firm Focus Media is selling a majority stake in the company, which bills itself as China’s “largest online media service provider,” to PE firm Silver Lake. Silver Lake is paying $124 million to Focus Media (NSDQ: FMCN) for a 62 percent stake in Allyes.

In a release, Focus Media says that selling the stake will let it concentrate on its core businesses, which include an in-store ad network and movie theater ad network.

The company had tried to spin off the Allyes business via an IPO two years ago but pulled those plans when the market collapsed. Reports at the time said that the IPO might value Allyes at $1 billion-plus.

• Focus Media to Acquire Chinese Online Ad Firm Allyes for $300 Million
• Sina Cancels Agreement To Buy Focus Media Assets For $1 Billion