Phoenix New Media Limited runs the digital activities of the Chinese language TV network Phoenix Satellite Television Holdings Ltd and operates an integrated platform across Internet, mobile and TV in China. According to the company’s filing with the Securities and Exchange Commission, it had 222 million online unique viewers in March.
The company said on thursday it plans to list its ADSs on the New York Stock Exchange under the symbol “FENG.”. Phoenix announces its intention to use proceeds from the offering to invest in content, production, technology and marketing. PNM did not reveal the number of depositary shares it planned to sell but hopes to raise up to $200 million in an initial public offering. Upon completion of the offering, broadcaster Phoenix TV will continue to be the company’s controlling shareholder.
The Hong Kong and Beijing-based company Phoenix, which was founded in 2000, generated revenue of $80.1 million and profits of $11.2 million in 2010. The company earns a bulk of its revenue from paid services, while about 39% of total revenue in 2010 came from advertising.
Morgan Stanley & Co International Plc, Deutsche Bank Securities Inc and Macquarie Capital (USA) Inc are among underwriters for the IPO.
SOURCES: Dow Jones, Reuters, Renaissance Capital (21/04/2011)