SHANGHAI & HONG KONG & NEW YORK--(BUSINESS WIRE)-- China Media Capital (CMC) and 21st Century Fox (21CF) today announced they have signed an agreement under which Star China’s management team together with CMC will acquire 21CF’s 47 percent stake in Star China TV. 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.
Ruigang Li, Chairman of CMC said, “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. We are very grateful for the tremendous support and understanding from Mr. Rupert Murdoch, Mr. James Murdoch and the 21CF team. As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward. This latest transaction marks a new era for Star China and we remain committed to building the company into one of the most respected entertainment companies in China.”
James Murdoch, Deputy Chief Operating Officer and Chairman and CEO, International, 21st Century Fox, said, “Under Mr. Li Ruigang’s leadership and with the talented local team headed by Mr. Tian Ming, Star China TV has made tremendous strides in growing the business, and we believe the Company is positioned to continue this momentum. Today’s divestment underscores our broader agenda of streamlining our affiliate ownership structures.”
About 21st Century Fox
21st Century Fox is the world's premier portfolio of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching nearly 1.5 billion subscribers in more than 100 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, MundoFox, STAR and 28 local television stations; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group. The Company also provides premium content to millions of subscribers through its pay-television services in Europe and Asia, including Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky. For more information about 21st Century Fox, please visit www.21CF.com.
About China Media Capital
CMC Capital is China’s first media and entertainment sector focused fund approved by National Development and Reform Commission（NDRC）in 2010 to dedicate to media and entertainment investments in China and internationally. Ruigang Li is the Chairman of CMC Capital. CMC Capital’s prominent founding partners include China Development Bank (CDB), one of China’s largest financial institutions. CMC Capital acquired the controlling stake in Star China, formerly News Corporation’s China assets, which include TV channels – Star (Xing Kong), Star (Xing Kong) International and Channel V (China) – as well as the largest contemporary Chinese language film library the Fortune Star. Canxing Production under Star China produced a series of successful shows including The Voice of China, China’s Got Talent, Dance With The Stars, which all achieved record high ratings. CMC Capital has set up the joint venture Oriental DreamWorks together with DreamWorks Animation. The JV is well positioned to be the country’s leading family entertainment brand with animation-centered businesses to encompass production and distribution of feature films and TV programming, consumer product licensing, games, live entertainment and location-based entertainment. CMC Capital has launched another joint venture TVB China together with TVB, a time-honored Chinese language TV content supplier, dedicated to build a media and entertainment group with content-based comprehensive business scope. CMC Capital also holds a stake in OCJ, the #1 TV shopping business in China reaching 30 million households.
Source: 21st Century Fox