Phoenix Satellite Television Information Ltd., announced that its 99.27% indirectly-owned subsidiary Phoenix New Media entered into the Purchase Agreement with a group of Investors, including Intel Capital.
Intel Corp.'s global investment organization Intel Capital, along with Hong Kong-based private-equity and venture capital investor Morningside, and BAI, which is wholly owned by Bertelsmann AG, will be investing $25 million or approximately HK$195 million in Phoenix New Media.
Under the terms of the Purchase Agreement, the Investors will subscribe for and purchase the Series A Preferred Shares. Phoenix Satellite Television will be retaining majority stake in the Phoenix New Media.
Phoenix Satellite Television noted that the board of directors of Phoenix New Media will initially consist of five directors.
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