21st Century Fox to sell 47% stake in Star China TV to operator, China Media Capital
American broadcasting company 21st Century Fox on Thursday said it would sell its 47% stake in Star China TV. The stake will be sold to Star China TV operator's management and private equity firm China Media Capital.
According to a report by Reuters, 21st Century Fox did not disclose the terms of the deal. The mass media firm was one of the two companies created from the spin-off of media magnate Rupert Murdoch's News Corp. in 2013.
Star China TV was formed in 2010 and is majority owned by Shanghai-based China Media Capital. It operates Mandarin channels such as Xing Kong, Xing Kong International and Channel V Mainland China, the report said.
21st Century Fox sold its controlling stake in Star China TV to China Media Capital in 2010. The move was then seen as a clear sign of Murdoch's waning interest in China due to various restrictions and limitations on trade in the country, Reuters said.
News Corp.'s James Murdoch told Reuters that the Star China TV divestment underscores the company's broader agenda of streamlining its affiliate ownership structures. James is the deputy chief operating officer of News Corp. and son of Rupert Murdoch, the report said.