News Corp to sell Chinese channels stake

News Corp is selling its majority stake in its three Chinese channels, in a move that is viewed as an admission that it has failed in its attempts to enter the Chinese broadcasting market.

Private-equity investor China Media Capital, which is backed by the country’s second largest broadcaster Shanghai Media Group, is acquiring the controlling stake in Xing Kong, Xing Kong International and Channel [V] Mainland China. The deal is being organised in association with the China Development Bank