Murdoch sells his stake in Star China TV
Print Edition
China Media Capital (CMC) and Star China’s management team are to acquire a 47 percent stake in Star China TV from Rupert Murdoch’s 21st Century Fox, both sides said yesterday.
After the investment, CMC and local management team will fully own Star China TV, which operates three 24-hour Mandarin channels — Xing Kong, Xing Kong International, Channel [V] Chinese mainland — and the Fortune Star Chinese movie library.
It was the first investment by CMC, China’s first specific media and entertainment fund, since it was founded in 2009.
Neither side revealed the financial details.
“This latest transaction marks a new era for Star China and we remain committed to building the company into one of the most respected entertainment companies in China,” Li Ruigang, CMC chairman, said in a statement.
James Murdoch, who oversees 21st Century Fox’s international business, said Star China TV had made tremendous strides in growing the business and this would continue under Li’s leadership and with the talented team headed by Tian Ming.
Li used to head Shanghai Media Group, the city’s biggest media giant.
Established in April 2009 with initial capital of 5 billion yuan (US$826 million), CMC is backed by Shanghai Media Group, China Development Bank and China Broadband Capital.
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