Finance Finance News Murdoch’s Fox sells China Star TV stake

Murdoch’s Fox sells China Star TV stake

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Rupert Murdoch’s 21st Century Fox is exiting China, after selling its 47 per cent stake in Star China TV for an undisclosed amount.

21st Century Fox says it will offload the holding to its joint venture partner China Media Capital, which holds the remaining 53 per cent of Star China.

News Corporation sold that controlling stake in its Chinese assets to CMC three years ago.

Star operates three 24-hour entertainment television channels that broadcast in Mandarin and a film library.

Fox chairman James Murdoch says the sale underscores the company’s agenda of streamlining its ownership structures.

BTIG media analyst Richard Greenfield told AM Fox is shifting its focus towards India.

“I think India’s obviously been the fastest growing and most exciting part of the growth story,” he said.

“They’ve augmented their investment in China through ESPN Star Sports, acquiring full ownership from Disney last year but, in terms of overall focus, I think China still remains a tough place to make money.”