Phoenix New Media Limited (NYSE: FENG) has reached agreements with its parent company, Phoenix Satellite Television Holdings Limited, to extend the expiration date of the existing cooperation agreements between certain subsidiaries and consolidated affiliated entities of the company and Phoenix TV from March 27, 2016 to May 27, 2016, the company said.
Pursuant to the Existing Cooperation Agreements, Phoenix TV has been licensing its content, trademarks and domain names to the company for use in its businesses. Currently the company and Phoenix TV are working on a new set of agreements to amend and replace the Existing Cooperation Agreements and provide the terms of their future cooperation.
Considering the significant growth and changes in the company´s business since execution of the Existing Cooperation Agreements in 2009, both the company and Phoenix TV expect longer period to finalize the terms due to various internal procedures and compliance requirements. As such, the company and Phoenix TV agreed to extend the Existing Cooperation Agreements´ expiration date to May 27, 2016.
Phoenix New Media Limited provides premium content on an integrated platform across Internet, mobile and TV channels in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the company enables consumers to access professional news and other quality information and share user-generated content on the Internet and through their mobile devices.