Phoenix New Media Announces Update on Proposed Sale of Investment in Particle

BEIJING,June28,2019 -- Phoenix New Media Limited ("Phoenix New Media","ifeng" or the "Company") (NYSE: FENG),a leading new media company in China,today announced certain update on the proposed sale of 32% of the total outstanding shares of Particle Inc. ("Particle") to Run Liang Tai Management Limited ("Run Liang Tai") and its designated entities (the "Proposed Buyers") for a total consideration of US$448 million in cash (the "Proposed Transaction").

As previously announced by the Company,the Company entered into a share purchase agreement (the "SPA") with Run Liang Tai for the Proposed Transaction on March 22,2019; the Proposed Buyers have paid cash deposit of US$100 million to the Company; and completion of the Proposed Transaction is subject to certain closing conditions specified in the SPA (the "Closing Conditions").

The Company sent a completionconfirmation letter to Run Liang Tai on May 31,2019 to confirm the satisfaction of all of the Closing Conditions. Run Liang Tai,however,disputed the satisfaction of certain Closing Conditions. The Company is in discussion with Run Liang Tai in order to find an amicable resolution. However,there can be no assurance that the dispute will be resolved in the Company's favor,and there can be no assurance that the Proposed Transaction will ever be closed.

About Phoenix New MediaLimited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform,including PC and mobile,in China. Having originated from a leading global Chinese language TV network based in Hong Kong,Phoenix TV,the Company enables consumers to access professional news and other quality information and share user-generated content on the Internet through their PCs and mobile devices. Phoenix New Media's platform includes its PC channel,consisting of ifeng.com website,which comprises interest-based verticals and interactive services; its mobile channel,consisting of mobile news applications,mobile video application,digital reading applications and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things,the business outlook and quotations from management in this announcement,as well as Phoenix New Media's strategic and operational plans,contain forward-looking statements. Phoenix New Media may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about Phoenix New Media's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: the Company's goals and strategies; the Company's future business development,financial condition and results of operations; the expected growth of the online and mobile advertising,online video and mobile paid service markets in China; the Company's reliance on online advertising and MVAS for the majority of its total revenues; the Company's expectations regarding demand for and market acceptance of its services; the Company's expectations regarding the retention and strengthening of its relationships with advertisers,partners and customers; fluctuations in the Company's quarterly operating results; the Company's plans to enhance its user experience,infrastructure and service offerings; the Company's reliance on mobile operators in China to provide most of its MVAS; changes by mobile operators in China to their policies for MVAS; competition in its industry in China; and relevant government policies and regulations relating to the Company. Further information regarding these and other risks is included in the Company's filings with the SEC,including its registration statement on Form F-1,as amended,and its annual report on Form 20-F. All information provided in this press release is as of the date of this press release,and Phoenix New Media does not undertake any obligation to update any forward-looking statement,except as required under applicable law.

For investor and media inquiries please contact:

Phoenix New Media Limited

Qing Liu

Email: investorrelations@ifeng.com

ICR,Inc.

Jack Wang

Tel: +1 (646) 405-4883

Email: investorrelations@ifeng.com

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