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".
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