Companies

News Corp sells controlling stake in China TV channels

(Agencies)
Updated: 2010-08-09 17:45

Rupert Murdoch's News Corp said on Monday it will sell a controlling stake in its three China TV channels to a private equity fund backed by Shanghai Media Group (SMG), China's No 2 media company.

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The deal would see China Media Capital acquire a controlling stake in News Corp's Xing Kong, Xing Kong International, and Fortune Star Chinese movie library, as well as a popular music channel Channel[V], News Corp said in a statement.

Established in 2009, China Media Capital is a private equity fund with 5 billion yuan ($739 million) in assets under management and a focus on investments in the media industry. It is backed by SMG, as well as China Development Bank and China Broadband Capital.

Terms of the deal were not disclosed.