Phoenix Television
Phoenix Television Holdings Limited is a Hong Kong-headquartered broadcaster specializing in Mandarin- and Cantonese-language programming, including news, entertainment, and cultural content targeted at global Chinese-speaking audiences.[1][2] Founded in 1996 by Liu Changle, a former journalist, the network began as a satellite television provider and has expanded into an omni-media group encompassing multiple channels, online platforms like ifeng.com, and overseas bureaus in over 50 cities.[2][3] The company's operations include flagship channels such as Phoenix InfoNews Channel for 24-hour news and Phoenix Hong Kong Channel, a Cantonese-language service launched in 2011 to cover local and regional affairs.[4] It has received recognition for contributions to Asian television, including the International Emmy Directorate Award in 2008 and multiple listings among Asia's most influential brands.[2] However, since 2021, state-owned Bauhinia Culture Holdings—linked to China's Ministry of Finance—has become its largest shareholder, shifting control toward Beijing and prompting criticisms of serving as a vehicle for state narratives.[5][6] This ownership structure has led to notable controversies, including Taiwan's 2022 decision to revoke Phoenix TV's broadcasting license, citing effective control by the Chinese Communist Party through investments from state entities.[7][8] Operating from Hong Kong, the network maintains a degree of autonomy compared to mainland outlets but has faced accusations of aligning with official positions, particularly on sensitive political issues, amid Beijing's tightening influence over Hong Kong media post-2019 national security law.[9][10]History
Founding and Initial Launch (1996–2000)
Phoenix Satellite Television Holdings Limited was established on 31 March 1996 by Liu Changle, a former journalist with ties to mainland Chinese state media, through his controlled entity Today's Asia Limited (93.3% owned by him), in partnership with Satellite Television Asian Region Limited (a News Corporation subsidiary via Star TV) and China Wise International Limited (a Hong Kong-registered firm linked to Chinese interests).[11] This joint venture structure reflected an early blend of international capital and Chinese governmental alignment, enabling satellite broadcasting approvals in mainland China despite foreign ownership restrictions.[12] The founding aimed to deliver Mandarin-language content to overseas Chinese communities, emphasizing cultural connection over adversarial Western media narratives prevalent in other outlets like the BBC.[13] The inaugural Phoenix Chinese Channel launched on the same date, replacing the prior Star Chinese Channel and transmitting via satellite to audiences in Hong Kong, mainland China, Taiwan, and Southeast Asia, with initial programming focused on news, entertainment, and variety shows produced in Hong Kong studios.[13][14] Broadcasts prioritized high-quality Chinese-language material, including imported films and local productions, to foster unity among diaspora viewers amid post-handover uncertainties in Hong Kong.[13] By late 1996, the channel had secured landing rights in key markets, reaching an estimated 300 million potential viewers through rebroadcast agreements, though actual penetration depended on satellite dish access in regulated areas like China.[15] In August 1998, Phoenix expanded with the Movies Channel, debuting on 28 August as mainland China's first pay-TV movie service, featuring a mix of Hollywood imports, Chinese blockbusters, and thematic blocks to appeal to urban subscribers via encrypted signals.[16] This addition diversified revenue through subscriptions and advertising, targeting affluent households in restricted media environments.[16] Operations during this period relied on Hong Kong as the base for content creation and transmission, navigating geopolitical tensions by aligning editorial tones with Beijing's preferences to maintain access.[11] The company achieved public listing on the Hong Kong Stock Exchange's Growth Enterprise Market in June 2000, raising capital amid Asia's economic recovery and marking a milestone in its shift toward commercial scalability while retaining foundational partnerships.[17] By 2000, Phoenix operated two channels with growing viewership in Chinese expatriate hubs, though financial reports highlighted challenges from piracy and competition with state broadcasters.[11]Growth and Expansion (2001–2010)
In early 2001, Phoenix Satellite Television significantly broadened its offerings by launching two new channels targeted at distinct audiences. On January 1, the Phoenix InfoNews Channel debuted as a 24-hour Mandarin-language service focused on international news, financial updates, and analysis, marking the company's first dedicated all-news outlet.[18] Simultaneously, the Phoenix North America Chinese Channel commenced broadcasting on the same date, establishing a U.S.-based operation near Los Angeles to deliver localized content, including news, dramas, and talk shows, via satellite providers such as EchoStar and DirecTV, thereby extending reach to overseas Chinese communities in the Americas.[19][20] These launches represented a strategic pivot toward specialized programming and diaspora markets, building on the core Phoenix Chinese Channel established in 1996. Throughout the mid-2000s, Phoenix continued infrastructural and geographic expansion to support growing operations. In 2006, the company inaugurated a new headquarters in Tai Po, Hong Kong's New Territories, enhancing production capabilities for its expanding multichannel network.[2] This period also saw increased retransmission agreements in mainland China, where regulatory approvals allowed broader cable distribution, contributing to audience growth amid rising demand for international Chinese-language media. Business reports from the era highlighted reinforced access to Chinese viewers, with operating expansions tied to new media and satellite infrastructure investments.[21] By the late 2000s, further international tailoring emerged, including the September 2009 launch of the Phoenix Chinese Channel Japan Edition, adapting content for Japanese cable and satellite audiences to capitalize on regional Chinese expatriate populations. Overall, these developments transformed Phoenix from a single-channel broadcaster into a multinational entity with enhanced technical footprints, though growth was moderated by dependencies on Chinese regulatory environments and competition from state media. Annual filings noted steady revenue from advertising and subscriptions, underscoring the viability of this expansion phase.[22]Recent Developments and Challenges (2011–Present)
In the 2010s, Phoenix Television underwent a progressive consolidation of ownership toward entities linked to the People's Republic of China, reducing foreign influence from prior shareholders like News Corporation, whose stake via Star TV was gradually divested. By 2018, principal shareholders included Beijing-connected firms such as China Wise International, reflecting a strategic alignment with mainland interests amid Hong Kong's evolving political landscape. This shift coincided with operational challenges, including a 2016 broadcast of coerced confessions from detained Hong Kong booksellers, which drew international scrutiny for complicity in propaganda efforts.[5] Financial pressures intensified during this period, with the broadcaster reporting persistent operating losses despite revenue from advertising and subscriptions; for instance, group-wide losses reached HK$245.3 million (approximately US$31.4 million) in recent filings, attributed to declining traditional TV viewership amid digital competition and cord-cutting trends. Efforts to expand included a 2016 application for a free-to-air license in Hong Kong, which raised alarms about potential mainland media encroachment but ultimately highlighted regulatory hurdles in a market wary of Beijing's influence. Internationally, Phoenix faced expulsion risks in Taiwan, where authorities warned of delisting its services in 2022 over perceived pro-Beijing bias and failure to liberalize media investments for Chinese entities.[5][23][7] The imposition of Hong Kong's National Security Law in June 2020 reshaped the media environment, benefiting Phoenix as a pro-establishment outlet while independent voices diminished; it positioned itself as a counter to perceived "soft resistance" in local media, emphasizing balanced coverage aligned with central government narratives on events like the 2019 protests. Post-NSL, Phoenix maintained operations with enhanced self-censorship protocols common in the sector, yet encountered broader industry headwinds such as platform digitization and audience fragmentation. By 2025, initiatives included partnerships like the Hong Kong Financial New Frontiers Cooperation with the Treasury Bureau and celebrations of free-to-air broadcasting milestones, signaling adaptation through event-driven content and mainland-focused reporting.[24][25][26]Ownership and Governance
Ownership Structure and Evolution
Phoenix Television was founded on 31 October 1996 by Liu Changle, a former People's Liberation Army political officer and journalist, who established it as Phoenix Satellite Television Company Limited with initial backing from international investors including Star TV (affiliated with Rupert Murdoch's News Corporation).[27][5] Liu retained significant control through personal holdings and related entities, while the company listed on the Hong Kong Stock Exchange's Growth Enterprise Market in June 2000 under Phoenix Satellite Television Holdings Limited (stock code 0823, later transferred to the main board as 2008).[28] Early ownership featured gradual divestments by foreign stakeholders; News Corporation's stake, inherited by 21st Century Fox, was fully sold in October 2013 when Fox offloaded its remaining 12.15% interest to TPG Capital, reducing Western influence.[29] Concurrently, mainland Chinese state-linked entities increased their positions, with China Mobile Communications Group Co., Ltd. accumulating approximately 19.68% and the Ministry of Finance of the People's Republic of China holding 21% by the early 2010s, reflecting growing Beijing-aligned capital in the publicly traded structure.[30] Liu Changle personally controlled about 38.08% via investment vehicles like Today's Asia as of 2021.[31] A pivotal shift occurred in April 2021 when Liu agreed to sell nearly his entire stake for HK$1.156 billion: 21% (1.05 billion shares) to Bauhinia Culture Holdings, a Beijing-based entity wholly owned by the state-controlled China Publishing Group under the Ministry of Finance, and 16.93% to Common Sense Ltd., a subsidiary of Shun Tak Holdings owned by Pansy Ho (daughter of Macau casino magnate Stanley Ho).[29][31] This deal, completed by June 2021, positioned Bauhinia Culture as the largest shareholder, amplifying direct People's Republic of China governmental oversight, with no major subsequent alterations reported through 2025; state-backed holdings, including Bauhinia and prior PRC entities, now dominate the ownership pyramid.[5][7] The company was renamed Phoenix Media Investment (Holdings) Limited in 2018 to reflect diversified assets beyond broadcasting.[32]Management and Key Executives
Xu Wei has served as Chairman and Chief Executive Officer of Phoenix Media Investment (Holdings) Limited, the parent company of Phoenix Television, since June 22, 2021.[33] In this role, Xu oversees strategic direction and operations, emphasizing the broadcaster's positioning in Hong Kong with a global outlook amid evolving media landscapes.[34] Sun Yusheng acts as Deputy Chief Executive Officer, Editor-in-Chief, and Executive Director, a position he has held since June 22, 2021.[33] Sun, aged 64 as of 2025, leads editorial content and news operations, drawing on prior experience in media leadership.[35] The management team includes Chief Operating Officer Li Qi, appointed in May 2023, who manages day-to-day broadcasting and technical functions.[35] Ka Keung Yeung serves as Director of Finance and Chief Financial Officer, handling financial oversight at age 66.[36]| Position | Name | Appointment Date | Key Responsibilities |
|---|---|---|---|
| Chairman and CEO | Xu Wei | June 22, 2021 | Strategic leadership and operations [33][34] |
| Deputy CEO and Editor-in-Chief | Sun Yusheng | June 22, 2021 | Editorial and news direction [33][35] |
| Chief Operating Officer | Li Qi | May 2023 | Operational and technical management [35] |
| CFO | Ka Keung Yeung | N/A | Financial management [36] |