A leading new media company in China, Phoenix New Media (NYSE: FENG) shares nosedived -49.59% to $1.240 after it announced that it has amended trademark license agreements with a subsidiary of its parent company, Phoenix Satellite Television Holdings Limited, to renew those franchise agreements entered into on December 8, 2017.
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The amendments extended to December 7, 2023, the provisions of the 2017 Trademark Licensing Agreements, which included other trademarks licensed in separate groups featuring the double-phoenix logo along with the words ‘Phoenix Digital Media’ or ‘ifeng’ in Chinese or English and different variants. The changes have not altered the other provisions of the 2017 Trademark License Deals, allowing for the extension of the terms and registration of new trademarks.
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