Twenty-First Century Fox Inc
(ASX:FOX) is selling its stake in Star China TV, the owner of three Chinese television stations.
Fox says it’s agreed to sell its 47 per cent stake to its joint-venture partner, China Media Capital.
The sale marks a retreat from China by the media empire after two decades of rigorous engagement.
It comes as Fox moves to increase its investment in television distribution and production in other countries.
James Murdoch, chief executive of International 21st Century Fox, says the exit from Star underscores the company's broader agenda of streamlining its affiliate ownership structures.
Twenty-First Century Fox generated a net profit of $7.9 billion in fiscal 2013.
