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News Corp Sells Chinese TV Channels to Domestic PE Fund

CBI, 8/10/10

Rupert Murdoch's News Corporation announced on Monday that it will sell off controlling interest in three television channels in China, leaving the market after several years. The channels will be acquired by China Media Capital (CMC), a private equity fund established by Shanghai Media Group (SMG) and China Development Bank.

News Corporation said it was selling control of its Star TV, Star World and Channel V Mainland China channel as well as Fortune Star, a Chinese language film library, to CMC.

CMC was established in 2009 with RMB 5 bln in private equity funds.

Keywords: M&A divest China Media Capital film Shanghai Media Group television China Development Bank Channel V News Corporation

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