Fox sells Star China TV stake

<p>Rupert Murdoch has moved away from the Chinese market.</p>

Rupert Murdoch's 21st Century Fox has confirmed the sale of its 47 per cent stake in Star China TV, with China Media Capital taking full control of the company.

Ruigang Li, chairman of China Media Capital, stated that the move will represent a new era for Star China TV.

He said: "We remain committed to building the company into one of the most respected entertainment companies in China."

The move to sell its stake in Star China TV has been taken by some analysts to mean Mr Murdoch wants to move away from the Chinese market.

Mr Murdoch has a heavy presence in the UK media industry as well, as he owns newspapers such as The Sun and The Times. However, he elected to close down Sunday title the News of the World after the publication was embroiled in the phone-hacking scandal.

James Murdoch, chairman and chief executive of international operations at 21st Century Fox, added the divestment "is part of streamlining our affiliate ownership structures".

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.