CMC acquires Star China TV stake


TV television cablePrivate equity firm China Media Capital (CMC) and Star China TV‘s management team have bought a 47 per cent stake in the company from 21st Century Fox.

The company, which is majority owned by CMC, operates three 24-hour Mandarin channels: Xing Kong, Xing Kong International, Channel Mainland China and the Fortune Star Chinese movie library.

CMC chairman Ruigang Li said, “The acquisition and control of Star China was the first investment by CMC when it was established. Over the past three years, the company has achieved outstanding performance thanks to the dedicated efforts of its shareholders and management.

“As our respective businesses continue to evolve, we look forward to more opportunities to work together going forward.

“This latest transaction marks a new era for Star China and we remain committed to building the company into one of the most respected entertainment companies in China.”

Recent deals in China include Carlyle’s $25m investment in Chinese funeral services business Fu Shou Yuan.

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