BEIJING, May 12, 2011 /PRNewswire via COMTEX/ --

Phoenix New Media Limited ("PNM" or the "Company") (NYSE: FENG), a leading new media company providing premium content on an integrated platform across Internet, mobile and TV channels in China, today announced that it has priced its initial public offering of 12,767,500 American depositary shares ("ADSs"), each representing eight Class A ordinary shares of the Company, at US$11.00 per ADS, with a total offering size of approximately US$140 million, assuming no exercise of the over-allotment option by the underwriters. The ADSs will begin trading on the New York Stock Exchange on May 12, 2011, under the symbol "FENG".

Of the 12,767,500 ADSs being offered, 11,500,000 are offered by PNM and 1,267,500 are offered by the selling shareholders. PNM has granted the underwriters a 30-day option to purchase up to an additional 1,915,125 ADSs from PNM at the initial public offering price less the underwriting discount to cover over-allotments, if any.

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.

PNM's registration statement relating to the initial public offering has been declared effective by the United States Securities and Exchange Commission. This news 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.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. 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 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 is a 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
ir@ifeng.com

SOURCE Phoenix New Media Limited