CMC buys stakes of 21st Century Fox in Star China TV

China Media Capital, China's leading media investment fund, has bought for an undisclosed sum Rupert Murdoch's 21st Century Fox to acquire Star China TV.
The agreement has been signed under which Star China's management team together with CMC will acquire 21 Century Fox's 47 per cent stake in Star China TV.
China Media Capital, Star China's majority shareholder since 2010, has agreed to buy Murdoch's remaining 47 per cent stake for an undisclosed sum, estimated to be roughly USD 150million, reported Telegraph.
Formed in 2010 and majority owned by CMC, the joint venture operates three 24-hour Mandarin channels: Xing Kong, Xing Kong International, Channel [V] Mainland China and the Fortune Star Chinese movie library.

"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 thanks to the dedicated efforts of its shareholders and management," said Ruigang Li, Chairman of CMC in a release.
"We are very grateful for the tremendous support and understanding from Mr Rupert Murdoch, Mr James Murdoch and the 21CF team," he added.
"Today's divestment underscores our broader agenda of streamlining our affiliate ownership structures," said James Murdoch, Deputy Chief Operating Officer and Chairman and CEO, 21CF.
21st Century Fox is a premier media conglomerate formed after split of News Corporation in 2013 led by Rupert Murdoch and runs operations across the world.