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FENG

Phoenix New Media

$2.68

-0.07 (-2.55%)

08:12
06/23/17
06/23
08:12
06/23/17
08:12

Phoenix New Media announces receipt of SAPPRFT notice

Phoenix New Media announced that it has received a public notice issued by the State Administration of Press, Publication, Radio, Film and Television of the People's Republic of China in connection with the Company's and certain other internet companies' regulatory non-compliances. The Notice requires the Company to suspend its ifeng video and audio services due to the lack of the internet audio-visual program transmission license and certain commentary programs that violates government regulations. Phoenix New Media will continue to take measures to strengthen content management, make sure all content are copyrighted and regulated, in order to continue the Company's video and audio operation. The Company will cooperate with SAPPRFT to make the necessary changes to its ifeng video and audio services. The Company is committed to complying with government regulation and continuing to improve the management and operation of the ifeng video and audio business. The Company believes that the daily operation of Phoenix New Media will not be impacted by this process. Phoenix New Media became aware that, due to its rapid growth, it did not implement sufficiently robust supervision of ifeng video and audio services, especially the we-media video content provided by users and other third-parties. The Company is making great efforts to eliminate the content in question and to strengthen management of the ifeng video and audio business. Going forward, Phoenix New Media will continue to strengthen cooperation with qualified media, such as CCTV and Xinhua News Agency, to ensure ifeng's healthy development and compliance. Meanwhile, the Company will continue to proactively fulfill its corporate social responsibility, enhance its self-regulation and welcome public supervision to provide further improved video and audio services for users.

FENG Phoenix New Media
$2.68

-0.07 (-2.55%)

08/31/16
JPMS
08/31/16
INITIATION
Target $4.3
JPMS
Overweight
Phoenix New Media assumed with an Overweight at JPMorgan
JPMorgan analyst Alex Yao assumed coverage of Phoenix New Media with an Overweight rating and $4.30 price target. The rating is unchanged and the price target is lowered from $4.40.

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