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.
the sale, the Hong Kong-based television broadcaster's total
ownership stake in Phoenix will be reduced to approximately
12.16 per cent.
Corp Deputy COO James Murdoch said, "Mr Liu Changle and
Phoenixs accomplishments in the media industry in China
are remarkable. We believe the companys strong position
in all of the segments in which it operates, combined with
the countrys robust consumer market, will continue to
drive growth. Todays sale is simply a part of our broader
global agenda of simplifying our affiliate ownership structures.
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.