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China Mobile Acquires 20% Stake Of Phoenix TV
June 8, 2006 |
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China Mobile will spend more than US$1 billion in cash acquiring 20% of Phoenix TV from Rupert Murdoch's News Corp.
News Corp currently owns 38% of Phoenix.
China Mobile is preparing for 3G services, and local media speculate this purchase will add a new layer of services that China Mobile can use for 3G promotions.
Rumors began to spread in February this year that Murdoch would withdraw from Phoenix because of the rocky development of the television station and its businesses.
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