Murdoch sells Star China stake
Rupert Murdoch’s Twenty-First Century Fox has sold its 47 percent holding of Star China TV to the company’s management group and private equity fund, China Media Capital (CMC).
The company operates three 24-hour Mandarin-language channels and the Fortune Star Chinese movie library.
James Murdoch, Deputy COO, Chairman & CEO of International for 21st Century Fox said the sale was part of a “broader agenda” to streamline “affiliate ownership structures.”
Ruigang Li, Chairman of CMC said, “The acquisition and control of Star China was the first investment by CMC when it was established. Over the past three years, the company has achieved outstanding performance thanks to the dedicated efforts of its shareholders and management…. As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward. This latest transaction marks a new era for Star China and we remain committed to building the company into one of the most respected entertainment companies in China.”