[Amendment No. 2 Form F-1 REGISTRATION STATEMENT Phoenix New Media Limited Not Applicable Cayman Islands (State or other jurisdiction of 7389 (Primary Standard Industrial Not Applicable (I.R.S. Employer th Fusheng Building Tower 2, 16 th Law Debenture Corporate Services Inc. (Name, address, including zip code, and telephone number, including area code, of agent for service) Copies to: Chris K.H. Lin,] [102,140,000 Class A Ordinary Shares PHOENIX NEW MEDIA LIMITED CLASS A ORDINARY SHARES, PAR VALUE $0.01 PER SHARE in the form of American Depositary Shares UNDERWRITING AGREEMENT May , 2011 May , 2011 Morgan Stanley & Co. International plc 25 Cabot Square, Canary Wharf London E14 4QA United Kingdom Deutsche Bank Securities Inc. 60 Wall Street New York, New York] [SIMPSON THACHER & BARTLETT LLP 425 LEXINGTON AVENUE NEW YORK, NY 10017-3954 (212) 455-2000 FACSIMILE (212) 455-2502 DIRECT DIAL NUMBER E-MAIL ADDRESS May 11, 2011 Phoenix New Media Limited Fusheng Building Tower 2, 16th Floor 4 Hui Xin Dong Jie, Chaoyang District Beijing 100029 People’s Republic of China Ladies and Gentlemen: relating to the registration of shares of the Company’s]