Spencer Platt/Getty Images
BEIJING ? China?s Phoenix New Media filed with U.S. regulators on Thursday to raise up to $200 million in an initial public offering on the New York Stock Exchange.
The company, which traces its roots to Hong Kong-based Mandarin-language TV network Phoenix Satellite Television Holdings Ltd. -- one of whose major shareholders is a News Corp. company -- said it plans to use proceeds from the offering to invest in content, production, technology and marketing.
?
The proposed listing, for which no timeline was given, would be the latest in a string of Chinese media companies taking shares to U.S. markets ? with mixed results. ?In December, online video sharing site Youku launched with a bang, but film studio Bona Film group went off with a whimper.
?
In a filing with the U.S. Securities and Exchange Commission, the company did not say how many shares it planned to sell and said the proposed IPO amount was an estimate for the purpose of calculating the registration fee.
?
Morgan Stanley, Deutsche Bank and Macquarie Capital are among underwriters for the NYSE listing.
?
Phoenix Satellite TV, founded by Liu Changle in 1996, generated revenue of $80.1 million in 2010. ?It is one of the few broadcasters in China allowed by media regulators to report on news not touched by state-run media, such as protests considered illegal by Beijing.
?
Hong Kong-listed Phoenix?s shareholders include Xing Kong Chuan Mei Group, which is wholly owned by News Corp, with 17.6%. ?Phoenix?s other major shareholders are Today's Asia (37.5%, China Mobile Hong Kong (19.9%) and China Wise International (8.3%).
joakim noah hawks chicago tribune royal wedding invitation maroon 5
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.