[postlink]http://chillyouth.blogspot.com/2010/08/news-corp-sells-controlling-stake-in.html[/postlink]

News Corp sells controlling stake in China TV channels

HONG KONG (Reuters) – Rupert Murdoch's News Corp said on Monday it will sell a controlling stake in its three China TV channels to a private equity fund backed by Shanghai Media Group (SMG), China's No.2 media company....

The deal would see China Media Capital acquire a controlling stake in News Corp's Xing Kong, Xing Kong International and Channel Mainland China channels, along with its Fortune Star Chinese movie library, News Corp said in a statement.

Established in 2009, China Media Capital is a private equity fund with 5 billion yuan ($739 million) in assets under management and a focus on investments in the media industry. It is backed by SMG, as well as ChinaDevelopment Bank and China Broadband Capital.

Terms of the deal were not disclosed.