China Mobile has secured regulatory approval to buy 983 million shares in Phoenix Satellite TV, a wholly-owned subsidiary of News Corp., according to local media.
A SinoCast report, quoting
The NDRC further said China Mobile has become the second largest shareholder of Hong Kong-based Phoenix TV, a leading satellite television operator broadcasting into
NDRC said that China Mobile and Phoenix TV have broad cooperation potential in mobile multi-media businesses including news, entertainment and video, and their partnership will be helpful for the two parties' future development, the report said.
The acquisition is also widely regarded as a breakthrough in