Soros-backed MediaV expects 80 percent sales

MediaV Holding Co, a Chinese online advertising company backed by billionaire George Soros, expects sales to jump as much as 80 percent this year as a slowing economy prompts more customers to use its services to cut costs.

Revenue may rise to about 900 million yuan ($142 million) this year, Willy Yang, chief executive officer at Shanghai-based MediaV, said in a phone interview on Wednesday. Slowing industry growth this year is favoring the part of MediaV's business that helps smaller advertisers with limited budgets, he said.

MediaV buys advertising spots from online portals including those of Sina Corp, Sohu.com Inc and Tencent Holdings Ltd, and resells them to clients to allow multiple companies to share the same space.