Phoenix TV in mainland radio venture

Hong Kong-based Phoenix Satellite Television and Beijing People's Broadcasting Station, China's leading radio broadcaster in sales terms, will create a joint venture giving Phoenix first-time access to the mainland's radio ad market. Each will invest RMB 30 million to launch Beijing Tongbu Advertising Broadcasting and start selling airtime by yearend � reaching into Shandong, Shanxi, Sichuan and Yunnan markets eventually. The deal excludes Phoenix from selling commercial time on Beijing People's, which will own a 55% share of the JV, leaving Phoenix the balance.