The key reason to sink Phoenix New Media (FENG) in the pre-marketing session

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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