Bertelsmann Asia Investments Buys A Stake In Phoenix New Media Online Portal

Bertelsmann Asia Investments (BAI), Bertelsmann’s investment arm in Asia, has invested €2 million in the Chinese Internet company Phoenix New Media, in return for a 2.9-percent equity stake. Phoenix New Media provides services through three major business lines: online news and content through ifeng.com, video streaming on v.ifeng.com and mobile services through ifeng mobile. www.ifeng.com is China’s fourth-largest portal in terms of user traffic. Phoenix New Media was spun off from Phoenix Satellite Television Holdings, a leading satellite TV broadcaster in China.

“China is a strategically important market for Bertelsmann in terms of future growth,” explains Annabelle Long, Managing Director of BAI in China. “With this transaction, the Company is further demonstrating its commitment to the development of the domestic media market and continuing to build on its existing business footprint here in China. As one of the leading new media players in China, we are excited about the company’s future prospects and feel confident that the company will continue to be a pioneer in the media sector.”

The Phoenix New Media holding is the sixth investment made by Bertelsmann Asia Investments, which was founded in January 2008.