China Mobile buys 19.9% stake in Phoenix TV

China Mobile has bought a 19.9 percent stake in Phoenix Satellite Television, a unit of STAR Group, which is owned by News Corp. Australia. The deal also includes a strategic alliance between the companies to develop, market and distribute mobile content, services and new media applications. The companies did not disclose any financials related to the transaction. STAR Group's stake in Phoenix will be reduced to 17.6 percent from 37.5 percent. China Mobile will also grant Phoenix TV access to its network and customer base in exchange for preferential access to the television company's news and other selected programs.

For more on China Mobile's stake in Phoenix TV:
- read this article from AFX