MUMBAI: News Corp‘s Asian subsidiary Star Entertainment has offloaded its 5.28 per cent stake in Chinese media company Phoenix Satellite Television for approximately $92 million.
Following the sale, the Hong Kong-based television broadcaster‘s total ownership stake in Phoenix will be reduced to approximately 12.16 per cent.
News Corp Deputy COO James Murdoch said, "Mr Liu Changle and Phoenix’s accomplishments in the media industry in China are remarkable. We believe the company’s strong position in all of the segments in which it operates, combined with the country’s robust consumer market, will continue to drive growth. Today’s sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures.”
The move comes ahead of News Corp‘s planned division into two distinctly owned public companies, one that will house the publishing business and the other under which the television and entertainment business will fall.