TPG to Acquire 21st Century Fox’s Stake in Phoenix Satellite Television Holdings Limited

TPG, one of the world’s leading private investment firms, and 21st Century Fox ("21CF”)(NASDAQ:FOX) today announced that they have entered into a definitive agreement, pursuant to which TPG agreed to acquire the remaining 12.15% stake held by 21CF’s wholly owned subsidiary Star Entertainment Holdings Limited in Phoenix Satellite Television Holdings Limited ("Phoenix TV”)(02008.HK).

Upon completion of the sale, 21CF will no longer hold an equity interest in Phoenix and its representatives will step down from the board.

About TPG

TPG is a leading global private investment firm founded in 1992 with $55.3 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s investments span a variety of industries including financial services, travel and entertainment, technology, energy, industrials, retail, consumer, real estate, media and communications, and healthcare. TPG’s past and present investments in China include China Grand Auto, China International Capital Corporation, Daphne, Lenovo, Shenzhen Development Bank (currently Ping An Bank), Wumart, Li Ning, HCP Holdings and Xinyuan Real Estate. For more information, please visit www.tpg.com.

About 21st Century Fox

21st Century Fox is the world's premier portfolio of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching nearly 1.5 billion subscribers in more than 100 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, MundoFox, STAR and 28 local television stations; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group. The Company also provides premium content to millions of subscribers through its pay-television services in Europe and Asia, including Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky. For more information about 21st Century Fox, please visit www.21CF.com.

About Phoenix Satellite Television Holdings Limited

Phoenix Chinese Channel was launched on 31 March 1996, with the aim of offering quality content to Chinese communities around the world. The dynamism of this massive market, combined with successful expansion strategies, has enabled Phoenix to develop a comprehensive multi-dimensional media platform which now includes a Cantonese television services. Today, Phoenix Chinese Channel, Phoenix Movies Channel, Phoenix InfoNews Channel, Phoenix Chinese News and Entertainment Channel, Phoenix North America Chinese Channel and Phoenix Hong Kong Channel together broadcast to audiences in the Asia Pacific, Europe, Americas, Africa, the Middle East, Australia and New Zealand, covering more than 180 countries and regions.

Apart from its core television broadcasting business, Phoenix has developed new areas of businesses such as new media, outdoor media/advertising, digital audio radio broadcasting and publishing.

Phoenix Satellite Television Holdings Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 02008). Phoenix New Media Limited, an indirect non-wholly owned subsidiary of the Group, is listed on the New York Stock Exchange ("NYSE”)(NYSE:FENG).