Phoenix New Media, the China focused media arm of the Hong Kong Stock-listed Phoenix Satellite Television (2008.HK), has raised a US$25m financing from Morningside Ventures, Intel Capital and Bertelsmann Asia Investment Funds.
Phoenix New Media provides information through integrated communication platforms. Its ifeng.com and wap.ifeng.com are comprehensive portals with news, information generated from in depth interviews and commentary columns. In addition they provide products and services in finance, social networks and interactive sectors through video and audio formats.
Commenting on the deal, Mr. Liu Shuang, CEO of Phoenix, said: “We look forward to working with our investors to help make Phoenix New Media a leader in new media content development, integration and cross platform communications”.
Explaning the reasons behind the investment, Richard Hsu, Managing Director of Intel Capital, Intel’s global investment arm, said: “The new media market in China offers immense potential”.
“Phoenix New Media achieved great progress in past three years and positions as a mainstream, unique and high end brand in the market. We are confident about its market value and business prospects”, added Liu Qin, Partner of Morningside Ventures.
The agreement is subject to various closing conditions and the company will remain the controlling shareholder upon the success of the financing.