US-based private equity company TPG Capital would be paying USD 213.73 million or HKD 1.66 billion for the remaining stake Star Entertainment holds in Phoenix Satellite Television. Billionaire Rupert Murdoch's 21st Century Fox has a controlling stake in Star Entertainment. There were 607 million shares of Phoenix Satellite sold by Star with a price of HKD 2.73 each. The price was at a 2.5% discount to the HKD 2.80 closing price of the shares on Friday.

A Hong Kong Stock Exchange regulatory filing showed that TPG China Media would become a substantial shareholder in the Phoenix Satellite. This would happen after the private equity firm purchased Star's 12.15% stake in the China-based satellite television operator. As part of the transaction, the representatives of Star in the board of directors of Phoenix would also step down.

According to a Reuters report, the sale was part of Rupert Murdoch's exit strategy from the Chinese media market. In 2010, Murdoch's News Corp sold controlling stakes of three TV channels in the mainland to domestic private equity firms.