Phoenix New Media Obtains USD 25 Mln Funding
Sohu IT, 11/09/09
In a statement at HKEx, Phoenix Satellite Television Holdings (2008.HK) announced that its subsidiary, Phoenix New Media, had reached a deal under which a group of investors will purchase Series A preferred shares of Phoenix New Media worth USD 25 mln. After the transaction is complete, Phoenix Satellite TV's stake in the company will fall from the current 99.27% to 70.74%. The investors include Intel Capital, Morningside, and Bertelsman Asia Investments (BAI), a wholly owned subsidiary of Bertelsmann Group. Intel Capital and Morningside will receive the right to elect, remove and replace one board director so long as they hold a 3% stake or higher.
Phoenix New Media, operator of Internet portal iFeng.com, will also purchase Tianying Jiuzhou Network Technology Co., Ltd. and Yifeng Lianhe (Beijing) Technology Co., Ltd. After the acquisitions are complete, the two companies' earnings will be merged into Phoenix Satellite TV's financial reports. Tianying will provide online information services, online advertising and wireless value-added services to iFeng, while Yifeng will provide wireless value-added services.
Editor's Note: Phoenix New Media parent Phoenix TV announced this morning that it was suspending trading of its shares.
Keywords: M&A Tianying Jiuzhou Network Technology Yifeng Lianhe Technology mobile data Internet wireless online advertising WVAS Bertelsmann Intel Capital Morningside Phoenix New Media Phoenix TV investment iFeng television 2008.HK
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