Phoenix TV Press Release, 4/09/08
Phoenix Satellite Television Holdings Limited (8002.HK) announced today that it will investment a further HKD 57.75 mln in Phoenix Metropolis Media Company Limited, a joint venture between Phoenix TV (75%) and Regal Fame Investments Ltd (25%). Regal Fame will also add another HKD 29.25 mln to keep its stake in the JV at 25%. Prior to this new injection of funds, each party had invested HKD 35 mln, for a total of HKD 70 mln, in the JV.
Phoenix Metropolis Media is positioned to engage mainly in mainland China's outdoor media business, providing advertising services on large-sized outdoor LED panels. It has not yet commenced the outdoor media business nor incurred any profits/losses.
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