BEIJING, June 28, 2019
/PRNewswire/ -- Phoenix New Media Limited ("Phoenix New Media",
"ifeng" or the "Company") (NYSE: FENG), a leading new media company
in China, today announced certain
update on the proposed sale of 32% of the total outstanding shares
of Particle Inc. ("Particle") to Run Liang Tai Management Limited
("Run Liang Tai") and its designated entities (the "Proposed
Buyers") for a total consideration of US$448
million in cash (the "Proposed Transaction").
As previously announced by the Company, the Company entered into
a share purchase agreement (the "SPA") with Run Liang Tai for the
Proposed Transaction on March 22,
2019; the Proposed Buyers have paid cash deposit of
US$100 million to the Company; and
completion of the Proposed Transaction is subject to certain
closing conditions specified in the SPA (the "Closing
Conditions").
The Company sent a completion confirmation letter to Run
Liang Tai on May 31, 2019 to confirm
the satisfaction of all of the Closing Conditions. Run Liang Tai, however, disputed the satisfaction of
certain Closing Conditions. The Company is in discussion with Run
Liang Tai in order to find an amicable resolution. However, there
can be no assurance that the dispute will be resolved in the
Company's favor, and there can be no assurance that the Proposed
Transaction will ever be closed.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application, digital
reading applications and mobile Internet website; and its
operations with the telecom operators that provides mobile
value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward-looking statements. Phoenix New
Media may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Phoenix New Media's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of the online and mobile
advertising, online video and mobile paid service markets in
China; the Company's reliance on
online advertising and MVAS for the majority of its total revenues;
the Company's expectations regarding demand for and market
acceptance of its services; the Company's expectations regarding
the retention and strengthening of its relationships with
advertisers, partners and customers; fluctuations in the Company's
quarterly operating results; the Company's plans to enhance its
user experience, infrastructure and service offerings; the
Company's reliance on mobile operators in China to provide most of its MVAS; changes by
mobile operators in China to their
policies for MVAS; competition in its industry in China; and relevant government policies and
regulations relating to the Company. Further information regarding
these and other risks is included in the Company's filings with the
SEC, including its registration statement on Form F-1, as amended,
and its annual report on Form 20-F. All information provided in
this press release is as of the date of this press release, and
Phoenix New Media does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com
ICR, Inc.
Jack Wang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
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SOURCE Phoenix New Media Limited