Last year’s best performing stock Twenty-First Century Fox Inc
(ASX:FOX) has announced it will sell its 47 per cent stake in Star China TV.
Rupert Murdoch’s film and television business will divest its interest to the TV channel operator’s management and private equity fund China Media Capital.
While the terms of the deal have not been disclosed - 21st Century Fox’s Chairman and CEO of International Operations, James Murdoch says the decision to sell Star China TV was part of streamlining the company’s affiliate ownership structures.
China Media Capital’s Chairman says he looks forward to working with 21st Century Fox as both companies evolve their businesses.
Twenty-First Century Fox started trading as its own entity last year after being spun out of News Corp
(ASX:NWS) and saw its stock jump almost 60 per cent on the S&P/ASX 200 index in 2013.
Twenty-First Century Fox reported a net profit of $7.89 billion in the 2013 financial year.
