China Mobile gets approval to buy Phoenix TV shares

29 Sep 2006

(SinoCast via NewsEdge) China Mobile has secured regulatory approval to buy 983 million shares in Phoenix Satellite TV, a wholly-owned subsidiary of the News Corp. for the Asia region.

In a statement, China's National Development and Reform Commission (NDRC), the country's macro-economic regulatory department, said the 983 million shares take up 19.9% of Phoenix TV's outstanding shares.

The NDRC further said China Mobile has become the second largest shareholder of Hong Kong-based Phoenix TV, a leading satellite television operator broadcasting into China and the Asia-Pacific regions.

NDRC said that China Mobile and Phoenix TV have broad cooperation potential in mobile multi-media businesses including news, entertainment and video, and their partnership will be helpful for the two parties' future development.

The acquisition is also widely regarded as a breakthrough in China's regulatory system on telecom and broadcasting networks, media reports said.

© 2006 SinoCast

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