News Corp. Reduces Phoenix Stake

HONG KONG: News Corporation has offloaded part of its stake in the Hong Kong and mainland China broadcaster Phoenix Satellite Television, reducing its interest in the group to 12.16 percent.

Through its Star Entertainment Holdings subsidiary, News Corp. is selling off a 5.28-percent stake in the company for $92 million. Phoenix operates a portfolio of Mandarin-language channels, including Phoenix Chinese Channel, Phoenix Movie Channel and Phoenix InfoNews Channel. It was launched in 1996 as a joint venture between News Corporation and Liu Changle. Over the last few years, News Corp. has been gradually scaling back its investments in China, selling off parts of its interests in Phoenix as well as the entertainment channel Xing Kong.

Announcing the sale of the 5.28-percent stake, James Murdoch, deputy COO and chairman and CEO of international at News Corp., commented, "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."