Fox sells stake in Star China TV
US media giant 21st Century Fox is selling its stake in Star China TV to private-equity fund China Media Capital.
Shanghai- based China Media Capital (CMC) and Star China’s management team will be acquiring a 47 percent stake of Star China from 21st Century Fox, the media corporation formed when the Rupert Murdoch’s News Corp split into two companies in 2012. The stake is estimated to be valued at roughly $150 million, according to the London Telegraph.
CMC had been the majority owner of Star China since 2010 and the joint venture operates three 24-hour Mandarin channels — Xing Kong, Xing Kong International, Channel [V] Mainland China — and the Fortune Star Chinese movie library, according to a statement.