Rupert Murdoch’s News Corp said it would sell a controlling stake in three Chinese TV channels to a fund backed by China’s No. 2 broadcaster, marking a major retreat after years of difficulties.
News Corp will sell a stake in Xing Kong, Xing Kong International and Channel [V] Mainland China, along with its Fortune Star Chinese movie library, to China Media Capital, the US media giant said on its Web site on Monday.
Murdoch, whose wife Wendi Deng (鄧文迪) is Chinese, has pulled back from China in recent years as Beijing tightened its stranglehold over the broadcast industry, thwarting the media mogul’s ambitions.
“Due to the restrictions, foreign media companies cannot make much money in China,” said Yuan Fang, a professor at the Communication University of China, was quoted by the China Daily as saying.
The terms of the agreement were not disclosed.
The deal marks the first transaction for China Media Capital (CMC), a 5 billion yuan (US$739 million) investment fund set up last year to invest in the media industry. It is backed by state-owned Shanghai Media Group and China Development Bank.
Under the deal, China Media Capital and News Corp will set up a joint venture that will be headquartered in Beijing and have offices in Hong Kong, Shanghai, Guangzhou and Chongqing.
Jack Gao (高群耀), vice president of News Corp and chief executive of Star China, will run the new firm.
“The agreement with CMC recognizes the value we have created in Star China and enables us to continue to grow it for the future,” said James Murdoch, chief executive of News Corp Europe and Asia.
The transaction comes as China steps up efforts to expand its influence in the global media industry.
Beijing has earmarked 45 billion yuan to fund the expansion of groups including Xinhua, state television station CCTV and China Radio International, according to media reports — at a time when the industry is facing a major money crunch elsewhere.
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