Chinese Broadcaster's New Media Arm Gets A $25 Million Investment

Reported by paidContent on Monday, 9 November 2009 (on November 9, 2009)

Phoenix New Media, the four-year-old new media unit of Hong Kong TV broadcaster Phoenix Satellite Television is getting an influx of funds from three investment firms. Morningside Ventures, Intel (NSDQ: INTC) Capital, and Bertelsmann Asia Investment Funds are backing the operation with $25 million; Intel Capital is providing $10 million of the total, according to a Dow Jones Newswires report. In a statement, executives at all three funds cite the growth and potential of the new media market in China as driving their investment. Phoenix New Media includes includes news portal ifeng.com, which reportedly reaches 100 million people in mainland China. News Corp (NYSE: NWS). owns a 45 percent stake in parent Phoenix Satellite Television. More in the release.

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