<- April 09, 2008 ->

Phoenix Satellite TV Increases Investment in Outdoor LED JV

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.

Editor's Note: To view the full details of Phoenix TV's press release, please click here.

Keywords: out-of-home display, funding, Phoenix Metropolis Media, Regal Fame, JV, LED, Phoenix TV, television, 8002.HK

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