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Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2019
Acquisition |
Schedule of unaudited pro forma summary | The following unaudited pro forma summary presents consolidated information of the Group as if the business combination had occurred on January 1, 2018 (in thousands):
|  | Pro Forma Year Ended December 31, |
|  | 2018 |  |  | 2019 |
|  | RMB |  |  | RMB |
|  | (unaudited) |  |  | (unaudited) |
Revenue |  |  | 1,579,211 |  |  |  | 1,566,245 |
Net (loss)/income attributable to Phoenix New Media Limited |  |  | (50,577 | ) |  |  | 731,007 |
Yitian Xindong |
Acquisition |
Schedule of allocation of purchase price | The allocation of the purchase price as of the date of acquisition was summarized as follows (in thousands):
|  | Amount RMB |  |  | Amortization Period
Purchase consideration |  |  | 144,100 |  |  |
Net assets acquired, excluding intangible assets and the related deferred tax (Note a) |  |  | 21,803 |  |  |
Deferred tax assets |  |  | 8,576 |  |  |
Less: valuation allowance |  |  | (8,576 | ) |  |
Amortizable intangible assets |  |  |  |  |  |
—User base |  |  | 5,100 |  |  | 0.8 year
—Trademark and domain name |  |  | 38,300 |  |  | 10 years
—Licensed copyrights of reading content |  |  | 49,200 |  |  | Not exceeding 3 years, with a weighted-average amortization period of 2.34 years
Goodwill (Note b) |  |  | 338,288 |  |  |
Financial assets — contingent returnable consideration (Note c) |  |  | 18,211 |  |  |
Deferred tax liabilities (Note d) |  |  | (7,390 | ) |  |
Noncontrolling interests |  |  | (319,412 | ) |  |
Total |  |  | 144,100 |  |  |
Note:
(a) | Net assets acquired included cash and cash equivalents with an amount of RMB10.9 million (US$1.6 million).
(b) | Goodwill arising from this acquisition was attributable to the synergies between Yitian Xindong and the Group’s multiple business streams. The goodwill recognized was not expected to be deductible for income tax purpose.
(c) | The financial assets represented the fair value of the Group’s right to receive the contingent returnable consideration, subject to certain price adjustment mechanisms based on Yitian Xindong’s operating and financial performance in 2019 and 2020.
(d) | Deferred tax liabilities represented the tax effect of the amortizable intangible assets from the Acquisition.
Tianbo |
Acquisition |
Schedule of allocation of purchase price | The allocation of the purchase price as of the date of acquisition is summarized as follows (in thousands):
|  | Amount RMB |
Non-cash consideration |  |  | 5,900 |
Fair value of previously held equity interests in Tianbo |  |  | 17,012 |
Total purchase consideration |  |  | 22,912 |
Net assets acquired (Note a) |  |  | 17,138 |
Goodwill |  |  | 22,786 |
Noncontrolling interests |  |  | (17,012 | )
Total |  |  | 22,912 |
Note:
(a) | Net assets acquired included cash, cash equivalents and restricted cash with an amount of RMB175.5 million (US$25.2 million). There were no material amortizable intangible assets (e.g. trademark and domain names, customer relationship) identified and recognized as Tianbo has no independent trademark and domain name or exclusive service agreement signed between Tianbo and its customers.

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