Degao announced the deal early this week, citing sources reported daily by businessmen.
Both companies declined to comment.
JCDecaux has been interested in Russ outdoors for many years.
The company plans to buy 100% of Russ Outdoor for $1 billion in 2008, but the deal failed due to the crisis.
Russ outdoor, formerly known as News Outdoor, is owned by Rupert Murdoch's News Group.
Last year, a 79% stake in the company was sold to a consortium for $0. 36 billion, including VTB Capital Equity, Alpha capital partner and Media founder Peter Hervey's marathon outdoor
VTB Capital said in a report that it had purchased 35% of Russ Outdoor for $91. 4 million.
The company said the market value of Russian outdoor sports was only $0. 256 billion, ranking fifth in its 2008 valuation.
Russian outdoor sports operate in 80 Russian towns.
However, experts say most of the rental period for the company's advertising system will expire in 2013, making it difficult to estimate the company's growth in the near future.
JCDecaux is one of the world's leading outdoor advertising companies operating in more than 54 countries and 165 airports with approximately 8900 employees.
The company announced $3.
Revenue last year was $4 billion, with a current market value of $5. 3 billion.