Phoenix New Media shares rise 3.13% intraday after TBO's acquisition of Classic Vacations.

Phoenix New Media Limited rose 3.13% intraday, with the company's stock price increasing following the announcement of TBO's acquisition of Classic Vacations from Phoenix-based investment firm, The Najafi Companies, for an estimated total purchase of up to $125 million. The acquisition brings together the power of TBO's first-class technology platform and worldwide inventory with Classic Vacation's vast network of luxury travel advisors and suppliers.