BEIJING, June 8, 2011 /PRNewswire via COMTEX/ --

Phoenix New Media Limited ("PNM" or the "Company") (NYSE: FENG), a leading new media company in China, today announced that the underwriters of its initial public offering fully exercised their over-allotment option to purchase an additional 1,915,125 American depositary shares ("ADSs"), representing 15,321,000 Class A ordinary shares from PNM at the initial public offering price of US$11.00 per ADS less underwriting discounts and commissions. With this exercise, the initial public offering totaled 14,682,625 ADSs each representing eight Class A ordinary shares of the Company.

The Company's ADSs began trading on the New York Stock Exchange on May 12, 2011, under the symbol "FENG". Morgan Stanley, Deutsche Bank and Macquarie Capital acted as joint bookrunners, and Cowen and Company, LLC and China International Capital Corporation Hong Kong Securities Limited acted as co-managers for the offering.

A registration statement relating to these securities was declared effective by the United States Securities and Exchange Commission on May 11, 2011. This press release does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of PNM described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to the offering may be obtained by contacting Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, United States, by calling +1-866-718-1649 or by emailing prospectus@morganstanley.com; Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, by calling +1-800-503-4611 or by emailing at prospectus.cpdg@db.com; Macquarie Capital (USA) Inc., Attn: Prospectus Department, 125 West 55th Street, Level 22, New York, New York 10019, by emailing us.prospectus@macquarie.com.

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is the leading new media company providing 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, PNM enables consumers to access professional news and other quality information and share user-generated content on the Internet and through their mobile devices. PNM's platform includes its ifeng.com channel, consisting of its ifeng.com website, its video channel, comprised of its dedicated video vertical and video services and applications, and its mobile channel, including its mobile Internet website and mobile Internet and value-added services.

Contact Information:

Lily Q. Liu
Phoenix New Media Limited
Email: ir@ifeng.com

SOURCE Phoenix New Media Limited