China Mobile flies with Phoenix
8 June 2006
The world's largest mobile-phone service provider, China Mobile, is set to announce a deal to buy a 20% stake in Phoenix Satellite Television from Rupert Murdoch's News Corp as it prepares for the launch of new 3G phone services. The South China Morning Post reported the deal could help China Mobile offer content to its users. The Chinese company is expected to pay cash for shares. News Corp has a 38% stake in Hong Kong-based Phoenix, China's most successful television broadcaster. In September, Murdoch said his company had hit a brick wall in China and was not expanding as expected, but having China Mobile as a partner could help with China expansion plans.