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Phoenix soars in profits

Jumps 38% to $15.7 million

Half year profits at Hong Kong-based, Mandarin-language broadcaster Phoenix Satellite Television jumped 38% to HK$124 million ($15.7 million) on revenues up 10% at $70.4 million.

Performance was helped by increased ad sales and sales of tech services. Company, which is threatened by new Chinese regs curbing re-transmission of foreign nets (Daily Variety, Aug. 7), said its flagship Phoenix Chinese Channel grew revenues by 10%, while its Phoenix InfoNews slipped by same figure.

News Corp. is a 19% shareholder, having cut its holding last year from 38%, allowing China Mobile to become Phoenix’s largest investor.

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