21st Century Fox (21CF) and China Media Capital (CMC) have announced today that they've agreed a deal that'll see Star China's management team and CMC acquire 21CF's entire 47 per cent stake in Star China TV.
The joint venture, which was formed in 2010 and majority owned by CMC, runs three 24-hour Manadarin channels.
The move marks further restructuring of the Murdoch empire as we enter 2014.
Chairman of CMC, Ruigang Li, 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
James Murdoch (pictured), chief executive, International, 21st Century Fox, said:
Star China TV has made tremendous strides in growing the businessToday's divestment underscores our broader agenda of streamlining our affiliate ownership structures.