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09:16 AM EST, 02/25/2019 (MT Newswires) -- Phoenix New Media Limited (FENG), a media company in China, said it has entered into a binding letter of intent with a proposed investor to sell 32% of its 37.63% stake in Particle Inc. for $448 million in cash, with a preliminary payment of CNY100 million ($14.95 million) already paid.
The sale of the stake in the owner of Yidian Zixun, a personalized news and lifestyle mobile app in China, is expected to close on or before March 22, the company said on Monday.
"There is no assurance that any definitive agreement will ever be entered into or that the proposed transactions will ever be closed," according to the statement.
A second payment of not less than $50 million is due on Feb. 28 and a third installment is due on March 5, with the two payments totaling $100 million, the company said.
