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Rumors are surfacing that Google plans to acquire the online advertising subsidiary of Focus Media for a price tag north of $500 million. The company previously tried to sell its online ad assets to Microsoft, but failed to reach an agreement. Focus Media’s third quarter revenues from online advertising were $70.8 million, up 66.5% from a year ago and down 7% from the second quarter.

Having said this, Silicon Alley Insider is reporting that “The rumors are not true, says a source who would know.”