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Rumor: China Mobile Will Increase Stake In Phoenix TV
July 11, 2007 |
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Hong Kong media reports that China Mobile (CHL) is planning to further increase its share in Phoenix TV to obtain a controlling stake so as to expand its Mobile TV service across the country.
By doing so, China Mobile is also preparing for next year's Olympic Games. China Mobile hopes to broadcast Olympic Games to mobile phone users through 3G technology.
China Mobile Group acquired 19.9% of Phoenix TV's shares in June last year, thereby becoming its second largest shareholder. According to the agreement, the two sides will cooperate on developing and promoting wireless content, products, service and application and to expand the wireless media market.
Phoenix TV's management has estimated that the company's advertisement income will increase by over 10% in 2008, thanks to the Olympic Games.
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