Rupert Murdoch’s 21st Century Fox has sold its entire 47% stake in Star China TV to the firm’s management team and China Media Capital.
The Star China TV joint venture, which is majority owned by China Media Capital, operates three Mandarin channels – Xing Kong, Xing Kong International, Channel [V] Mainland China – and the Fortune Star Chinese movie library. It was formed in 2010.
James Murdoch, deputy chief operating officer and chairman and CEO, international, for 21st Century Fox said the divestment “underscores our broader agenda of streamlining our affiliate ownership structures.”
Ruigang Li, chairman of China Media Capital said: “We are very grateful for the tremendous support and understanding from Mr. Rupert Murdoch, Mr. James Murdoch and the 21st Century Fox team. As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward.”