James Murdoch: Move underscores agenda of 'streamlining our affiliate ownership structures'
Formed in 2010 and majority owned by CMC, the joint venture operates three 24-hour Mandarin channels — Xing Kong, Xing Kong International and Channel [V] Mainland China — and the Fortune Star Chinese movie library.
The latest move is in line with 21st Century Fox’s strategy to scale back its investments in broadcasting in China. The company sold its controlling stake in Star China to China Media Capital in 2010.
James Murdoch, deputy chief operating officer and chairman and CEO, international, 21st Century Fox, said, “Today’s divestment underscores our broader agenda of streamlining our affiliate ownership structures.”