China Mobile paid $164.9M for Phoenix stake

According to a report in The Wall Street Journal, China Mobile paid $164.9 million to News Corp.'s Star for a 19.9 percent stake in Phoenix Satellite TV. Last Thursday the companies announced the deal but did not release any financial details. Analysts underestimated the price of the deal and ventured $130 million as a guess last week. Since Phoenix is Hong Kong-based and was owned by News Corp., China has not allowed it to penetrate the consumer TV market. With China Mobile as the new controlling owner, many expect Phoenix's content to gain wide acceptance, especially on the mobile platform.

For more on China Mobile's Phoenix stake:
- read this WSJ article (sub. req.)