China Mobile Buys 19.9% Stake in Phoenix TV From News Corp.

From Bloomberg:

"China Mobile Communications Corp., the world's largest cell-phone company by users, bought a stake in Hong Kong's Phoenix Satellite Television Holdings Ltd. from Rupert Murdoch's News Corp. to secure content for its phones.

China Mobile, which is preparing for "third generation'' service, bought the 19.9 percent stake to secure television content for the high-speed phones, the three companies said in a joint statement, without providing figures. The purchase makes China Mobile Phoenix's second-largest shareholder."