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Phoenix TV arm sees surge in online ad revenue

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-07-23 16:45

 

Li Ya, COO and CFO of Phoenix New Media, a subsidiary of Hong Kong-listed Phoenix Television. [Qiang Xiaoji/chinadaily.com.cn]

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The increase in online advertisement on www.ifeng.com, a subsidiary of Hong Kong-listed Phoenix Television, was eight times the average level of the industry and generated a three-digit percentage increase in the company's total income, said Li Ya, COO and CFO of the company, in Beijing on Thursday.

He said initial public offering (IPO) procedures for the website were underway, but he did not elaborate.

In 2008, the website announced it would seek a public offering in three years.

In 2009, Shanghai-based Morningside Ventures, venture capital firm Intel Capital, and publishing tycoon Bertelsmann injected a total of $25 million in the Internet media company.