Sino-Murdoch media deal
China's second-largest media company, Shanghai Media Group (SMG) – backed by PE fund China Media Capital – is to purchase the controlling stakes of three News Corp. channels, paying Rupert Murdoch’s company an undisclosed amount for the assets. As part of the deal, SMG will now control Xing Kong, Xing Kong International and Channel [V] Mainland China, as well as News Corp.’s Fortune Star Chinese movie library, with a reported majority stake of just over 50%.
This big-name deal sees the government further strengthen its connection to China’s aired media, as China Media Capital’s three backers are each state-owned. China Media Capital is backed by SMG, the...
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