Benzinga | Aug 24, 2021 06:35AM EDT

Phoenix New Media Announces New Program License Agreement With Phoenix TV; Annual Fees Payable To Phoenix TV By Co. Will Be RMB45M

Phoenix New Media Limited ("Phoenix New Media," "ifeng" or the "Company") (NYSE:FENG), a leading new media company in China, today announced that it has, through one of its affiliated consolidated entities (the "Licensee"), entered into a new program resource license and cooperation agreement (the "2021 Program License Agreement") with a subsidiary of its parent company, Phoenix Satellite Television Holdings Limited ("Phoenix TV"), and terminate the existing program resource license and cooperation agreement between the parties entered into on January 15, 2020.

According to the 2021 Program License Agreement, Phoenix TV grants the Licensee exclusive right to broadcast copyrighted video content and the derived audio content from three television channels of Phoenix TV and its subsidiaries on the internet in Mainland China with such content also broadcasted on the three television channels of Phoenix TV and its subsidiaries. Phoenix TV also grants the Licensee the right to sublicense such contents. The annual fees payable to Phoenix TV by the Company for such content licenses will be RMB45.0 million and the 2021 Program License Agreement has a term of three years.