Murdoch to sell remaining shares in Star China TV

China Media Capital, together with Star China's management team, will acquire 21st Century Fox's 47 percent stake in Star China TV, according to an announcement released by CMC on Thursday.

In 2010, CMC purchased the controlling shares in Star China TV from 21st Century Fox, and the recent announcement means that Murdoch's company has divested its remaining shares.

Star China TV operates three 24-hour Mandarin channels: Xing Kong, Xing Kong International, Channel [V] on the Chinese mainland. It also operates the Fortune Star Chinese movie library.

Li Ruigang, chairman of CMC, said the acquisition and control of Star China was the first investment by CMC when it was established. Over the past three years, the company has achieved outstanding performance thanks to the dedicated efforts of its shareholders and management.

"We are very grateful for the tremendous support and understanding from Mr Rupert Murdoch, Mr James Murdoch and the 21CF team," said Li.

"As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward. 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," he said.

James Murdoch, 21st Century Fox' deputy chief operating officer, chairman and CEO International, said: "Under Mr Li Ruigang's leadership and with the talented local team headed by Mr Tian Ming, Star China TV has made tremendous strides in growing the business, and we believe the company is positioned to continue this momentum.

"Today's divestment underscores our broader agenda of streamlining our affiliate ownership structures."

shijing@chinadaily.com.cn