China Media Capital (CMC) and 21st Century Fox (21CF) today announced they have signed an agreement under which Star China's management team together with CMC will acquire 21CF's 47 percent stake in Star China TV. Formed in 2010 and majority owned by CMC, the joint venture operates three 24-hour Mandarin channels: Xing Kong, Xing Kong International, Channel [V] Mainland China and the Fortune Star Chinese movie library.
Ruigang Li, 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. 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."
James Murdoch, Deputy Chief Operating Officer and Chairman and CEO, International, 21st Century Fox, 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."