China Mobile acquires 19.9% share in Phoenix

09 Jun 2006
00:00

(Associated Press via NewsEdge) The holding company of China Mobile, the country's most popular mobile phone carrier, bought a 19.9% stake in Hong Kong-based Chinese-language TV station Phoenix from Rupert Murdoch's media company STAR Group.

The move paves the way for China Mobile to deliver Phoenix's content on its wireless network content, the companies said in a statement.

Phoenix Satellite Television Holdings, which broadcasts to more than 100 countries and regions, was previously controlled by its chief executive, Liu Changle, and Murdoch's STAR, which each held 37.5% of the company.

The rest is publicly held.

After the sale to China Mobile, STAR's stake in Phoenix is reduced to 17.6%.

Phoenix spokeswoman Wang Duoduo declined to say how much China Mobile paid for the stake.

China Mobile and Phoenix 'will jointly develop products and services relating to the wireless delivery of media content,' the joint company statement said.

Under the deal, Phoenix will have preferential access to China Mobile's network while China Mobile will get early access to Phoenix's programs.

c 2006 The Associated Press

c 2006 Dialog, a Thomson business. All rights reserved

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