Fox sells stake in Star China TV

China Daily (Canada) - - NEWS CAPSULE -

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.

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