Phoenix New Media Reported 2Q19 Results And Raised Dividend Guidance

Phoenix New Media reported 2Q19 results (Press Release, Conference call transcript).  Highlights: $200mm Payments for Step1 of the amended Yidian sale agreement have been received (Koneko comments on the amended agreement) Management confident in 20% revenue growth for FY19 and expects "at least 20% year-over-year revenue growth in the coming two to three years" Management … Continue reading Phoenix New Media Reported 2Q19 Results And Raised Dividend Guidance

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Phoenix New Media: Yidian Sale Amendment (revised)

Note: this article was revised 7/25 to incorporate details from the amended sale agreement filed by Phoenix TV( LINK) Phoenix New Media (凤凰新媒体) announced that terms for the $448mm sale of its stake in news aggregator Yidian Zixun (一点资讯) have been amended (LINK).  Key terms: Sales proceeds of $448mm and estimated net proceeds of $409mm … Continue reading Phoenix New Media: Yidian Sale Amendment (revised)

Phoenix New Media: Yidian Sale Delay

Phoenix New Media announced that closing of its $448mm sale of 32% of Yidian Zixun has been delayed (LINK) "The Company sent a completion confirmation letter to Run Liang Tai on May 31, 2019 to confirm the satisfaction of all of the Closing Conditions. Run Liang Tai, however, disputed the satisfaction of certain Closing Conditions. The Company is in … Continue reading Phoenix New Media: Yidian Sale Delay

Phoenix New Media: Special Dividend, Strong Asset Value, Strong Brand, Weak Profitability

Phoenix New Media (6/6 closing price = $3.45) is selling a majority of its strategic investment in Yidian Zixun for estimated net cash proceeds of US$409mm ($5.62/ADS). The company expects to pay a special dividend of 15-25% of proceeds ($0.84-$1.40/ADS) The company will retain net cash + ST/LT investments after the dividend of $552-$593mm ($7.56-8.12/ADS) … Continue reading Phoenix New Media: Special Dividend, Strong Asset Value, Strong Brand, Weak Profitability