Murdoch abandons Chinese TV market with sale of Star China stake
21st Century Fox, owned by Rupert Murdoch in addition to his News Corp publishing companies, has sold its stake in the broadcaster Star China TV.
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The move signals Murdoch’s withdrawal from the Chinese television market.
The 47 per cent stake has been acquired by China Media Capital, Star China’s existing majority shareholder.
It has been reported that the deal was struck for $150 million.
‘‘Today’s divestment underscores our broader agenda of streamlining our affiliate ownership structures,’ said James Murdoch.