Phoenix New Media authorizes loan to Yidian

Phoenix New Media Limited (NYSE: FENG) board of directors has authorized the company to grant a new unsecured term loan to Particle Inc. with a principal amount of USUSD14.8 million at an interest rate of 4.35 percent per annum and with a term of no more than six months, the company said.

Particle owns Yidian Zixun, a personalized news and life-style information application in China, which allows users to efficiently define and explore individualized content over mobile devices.

Particle said it intends to use the proceeds of the loan for market promotion and expansion of its user base.

Phoenix New Media Limited) is a new media company providing premium content on an integrated platform across Internet, mobile and TV channels in China.