News Corp: Sale of Shares of 3 Chinese Channels
Posted on August 9, 2010 by Shay Greenberg for Luckyroom.com
Media giant News Corp. will sell the majority shares it posses of three Chinese television channels according to a News Corp. administration statement. The shares of Rupert Murdoch’s company will be bought by the second largest media company fund in China.
Upon completion of the agreement, China Media Capital will gain control of the television networks Xing Kong, Xing Kong International and Channel Mainland China.
The China Media Capital is a private equity fund with assets of 5 billion Yuan, which is supported by the Shanghai Media Group – the second largest industry in China and a leading player in Shanghai. This move has interpreted by many as the end of the omnipotence of the News Corp to the strictly controlled media industry in China.
At times, various restrictions and prohibitions of Beijing have caused outrage not only to the aforementioned company but also to other similar mass media companies of the West.
