In the wake of its recent IPO, Phoenix Satellite Television is
preparing to roll-out a China-focus portal featuring "entertainment" as
the "prominent feature", according to Phoenix deputy CEO N.K. Leung.
Talks have been underway for the past six months between Phoenix and
Excite pioneer and co-founder Marc Van Halen.
"His contribution is to bring in his expertise, not just on the Internet
part, but in terms of design and the creative content - (he) is a vital
part of our partnership," Mr Leung said.
Phoenix, meanwhile, will be contributing sales and marketing for the
yet-to-be-named portal's PRC operations.
Ploughing 25 per cent of total proceeds from the 700 million shares sold
at HK$1.08 each in the IPO into the station's Internet arm,
Phoenix I, Mr Leung noted that the portal would launch independently of
the existing PhoenixTV.com website.
"What we're looking for is to expand the Phoenix.com website, build up
our own community, create our own vertical portals and take this project
to the next phase," he said.
Going against the dotcom grain by delaying the portal's launch was also
a cautious move taken by Phoenix in response to recent volatility on
stock markets.
"I don't want to sound too pompous in terms of selling the project
because we'll still be just as cautious as with any other business
concern," said Mr Leung.
While citing the portal's strategy as "still underway", he added that
the new venture was "actually more concrete than the strategy would
imply", with the infrastructure and core staff already in place in the
new operation's Beijing headquarters.
Broadband adoption rates in China and Hong Kong were also key factors in
how soon the Phoenix I Web offering could hit the market.
