TPG buys Murdoch unit's stake in Phoenix
HONG KONG: United States private equity firm TPG Capital will pay HK$1.66 billion (RM673.25 million) for 21st Century Fox-controlled Star Entertainment's remaining stake in a Chinese satellite television operator.
The move is the next step of Rupert Murdoch's slow exit from Chinese media, following News Corp's sale of controlling stakes in three mainland television channels to domestic private equity funds in 2010.
In a filing to the Hong Kong Stock Exchange late on Friday, Phoenix Satellite Television said TPG China Media L.P. will become a "substantial shareholder" after taking over Star's entire 12.15 per cent stake.
With the sale, Star representatives will step down from Phoenix's board. Murdoch was also re-elected chairman of 21st Century Fox on the same day despite protests from shareholder groups. Reuters