China-based media company Phoenix New Media Limited (NYSE: FENG) has agreed to exercise its right to convertUSD20m of loans granted by the company to Particle Inc. in January and April 2016 into Series D1 preferred shares to be issued by Particle, the company said.
Upon completion of the conversion, the company is expected to own approximately 47.8% of the total outstanding shares of Particle.
Particle owns Yidian Zixun, a personalized news and life-style information application in China, which allows users to define and explore individualized content over mobile devices. The company has the option to consolidate Particle´s financial statements into the company once Yidian´s user base reaches a certain level.
Phoenix New Media 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.
