Rupert Murdoch's News Corp is to sell control of its three Chinese television channels to a local state-controlled private equity fund in a recognition that its ambitious plan to build and control a broadcasting business in China has failed.
The sale is the most decisive step so far in what has been a gradual retreat by News Corp over the past four years from a media market where the government insists on maintaining tight controls.
China Media Capital, a fund backed by Shanghai Media Group and China Development Bank, both state-owned, has agreed to acquire a controlling stake in Xing Kong, Xing Kong International, Channel [V] Mainland China and its Fortune Start Chinese film library, News Corp and CMC said.
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