Phoenix New Media Announces Strategic Investment In Personalized News Feed Application Yidian

Phoenix New Media Limited ("Phoenix New Media", "ifeng" or the "Company")

, a leading new media company in China, today announced that it has entered into a definitive share purchase agreement with Particle Inc. ("Particle") and its subsidiaries, to acquire an 8.75% stake in Particle for an aggregate purchase price of US$6 million. Subject to the satisfaction or waiver of the closing conditions stipulated in the share purchase agreement, this investment is expected to close in the fourth quarter of 2014. Particle owns the mobile application Yidian Zixun ("Yidian") a leading personalized news feed application in China that currently serves more than 1 million daily active users. "We are very excited to make a strategic investment into Particle," said Mr. Shuang Liu, Chief Executive Officer of ifeng. "As a leading new media company in China, we aim to further expand our media platform by strategically investing into new avenues of content distribution in order to further broaden our user-reach and content portfolio. Our cooperation with Particle will allow us to leverage Yidian, one of the leading personalized news feed apps in China, in combination with our flagship product, ifeng News, which focuses on editor-recommended professional and premium content, to offer our Chinese audience a more efficient, convenient and individualized mobile experience going forward."