China Mobile gets go signal to buy Phoenix TV stake

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 China's National Development and Reform Commission (NDRC), the country's macro-economic regulatory department, said the 983 million shares take up 19.9% of Phoenix TV's outstanding shares.

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 China and the Asia-Pacific regions.

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 China's regulatory system on telecom and broadcasting networks, media reports said.