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Article: PHOENIX NEW MEDIA GETS USD25MN FROM 3 VC FIRMS

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AsiaInfo Services
Article date:
November 10, 2009
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AsiaInfo Services
11-10-2009
Phoenix New Media Gets USD25mn from 3 VC Firms

BEIJING, Nov 10, 2009 (SinoCast Daily Business Beat via COMTEX) -- Phoenix New Media inked a contract to gain a total of USD 25 million venture capital from Morningside Ventures, Intel Capital and Bertelsmann Asia Investment Funds, the subsidiary of independent Chinese broadcaster Phoenix Satellite Television said on November 9.

In turn, the three venture capital firms will own a combined of 23.81 percent stake in it. Established in 2005, Phoenix New Media was 77 percent controlled by Phoenix Satellite Television Holdings Ltd. (SEHK: 2008) and 23 percent owned by its employees in option. The stake held by both ...

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