NEW YORK, January 2, 2014 (AFP) – Rupert Murdoch’s 21st Century Fox said Thursday it was selling its 47 percent stake in Star China TV, which operates three Mandarin-language television stations.
Terms were not disclosed.
The announcement, made by Fox and China Media Capital, said the China-based holding firm would acquire the portion of the joint venture it does not already own.
Formed in 2010 and majority-owned by CMC, the joint venture operates three 24-hour channels: Xing Kong, Xing Kong International and Channel [V] Mainland China. It also operates the Fortune Star Chinese movie library.
James Murdoch, Rupert Murdoch’s son and chairman and chief executive of international operations at 21st Century Fox, said the divestment is part of streamlining our affiliate ownership structures.”
Ruigang Li, Chairman of CMC said: “As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward.”
Murdoch split his corporate empire into two parts in June under a long-promised plan to “unlock value” by separating high-flying entertainment operations from struggling publishing activities.
He remains in charge of both.
The 21st Century Fox group includes the Fox Hollywood studios and television entities, which are showing stronger growth than the publishing arm News Corp, which includes struggling newspapers.
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