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News Corp looks to cut back in China.
(From Yorkshire Post)
The deal would see China Media Capital acquire a controlling stake in News Corp's Xing Kong, Xing Kong International and Channel (V) Mainland China channels, along with its Fortune Star Chinese movie library, News Corp said in a statement.
Established in 2009, China Media Capital is a private equity fund with 5bn yuan (AGBP463m) in assets under management and a focus on investments in the media industry.
It is backed by Shanghai Media Group (SMG), China's No 2 media company and the dominant player in Shanghai, as well as China Development Bank and China Broadband Capital.
The move could mark the beginning of a wind down for …
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