Hong Kong – Star Entertainment Holdings Limited, a wholly-owned subsidiary of News Corporation, has agreed to sell approximately 5.28% stakes in Phoenix Satellite Television Holdings Limited (Phoenix) for approximately US$92 million. Star Entertainment Holdings Limited’s total ownership stake in Phoenix will now be reduced to an estimated 12.16% following the sale.
James Murdoch, Deputy Chief Operating Officer and Chairman and CEO, International, News Corporation, said, “Mr Liu Changle and Phoenix’s accomplishments in the media industry in China are remarkable. We believe the company’s strong position in all of the segments in which it operates, combined with the country’s robust consumer market, will continue to drive growth. Today’s sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures.”