Murdoch gives up on China
Rupert Murdoch’s 21st Cen
tury Fox has sold its minority stake in the broadcaster Star
China TV to private equity after finally giving up on the emerging Chinese television market.
Having recently divorced his third wife Wendi Deng, for Murdoch the disposal of Star China also marks a breakup with her country of birth. His ambitions to expand his media empire there have been frustrated for two decades by restrictions on foreign investment and censorship.
China Media Capital, Star China’s majority shareholder since 2010, has agreed to buy Murdoch’s remaining 47 per cent stake for an undisclosed sum, estimated to be roughly US$91 million.