[Phoenix New Media Reports First Quarter 2011 Results 1Q11 Revenues Up 77.0% Year-Over-Year to RMB171.7 Million 1Q11 Revenues Up Sequentially By 8.5% Live Conference Call to be Held at 8:00 AM U.S. Eastern Time, June 23 BEIJING, China, June 23, 2011 — Phoenix New Media Limited (NYSE: FENG), a leading new media company in China (“Phoenix New Media”, “PNM” or] [001-35158 PHOENIX NEW MEDIA LIMITED Fusheng Building Tower 2, 16 th Floor, 4 Hui Xin Dong Jie, Chaoyang District, Beijing 100029 People’s Republic of China Form 20-F x Form 40-F o o o Yes o No x N/A TABLE OF CONTENTS 2]