Phoenix Media chairman sells stake

Phoenix Media Investment (2008) chairman Liu Changle has agreed to sell nearly all his stake in the partially state-owned television network operator at HK$0.61, a 21.79 percent discount to the Friday closing price.
Liu is to sell a total of 1.89 billion shares, or 37.93 percent interest in Phoenix, to Shun Tak (0242) and Bauhinia Culture (Hong Kong).
Liu holds 1.9 billion shares, or a 38.08 percent stake in Phoenix.
This came after media reports in February that Liu and his family would step down from management to make way for Beijing-appointed executives.