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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World News Corp sells stakes in Chinese TV channels AFP - Tuesday, August 10 Send IM Story Print News Corp sells stakes in Chinese TV channels Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – Rupert Murdoch's News Corp said it will sell a controlling stake in three Chinese TV channels to a fund backed by China's number two broadcaster, marking a major retreat after years of difficulties. News Corp will sell a stake in Xing Kong, Xing Kong International and Channel [V] Mainland China, along with its Fortune Star Chinese movie library, to China Media Capital, the US media giant said on its website Monday. Murdoch, whose wife Wendi Deng is Chinese, has pulled back from China in recent years as Beijing tightened its stranglehold over the broadcast industry, thwarting the media mogul's ambitions. "Due to the restrictions, foreign media companies cannot make much money in China," said Yuan Fang, a professor at the Communication University of China, was quoted by the official China Daily as saying. The terms of the agreement were not disclosed. The deal marks the first transaction for China Media Capital, a five billion yuan (739 million dollars) investment fund set up in 2009 to invest in the media industry. It is backed by the state-owned Shanghai Media Group and China Development Bank. Under the deal, CMC and News Corp will set up a joint venture that will be headquartered in Beijing and have offices in Hong Kong, Shanghai, Guangzhou in the south and Chongqing in the southwest. Jack Gao, vice president of News Corp and chief executive of Star China, will run the new company. "The agreement with CMC recognises the value we have created in Star China and enables us to continue to grow it for the future," said James Murdoch, chairman and chief executive of News Corp Europe and Asia. The transaction comes as China steps up efforts to expand its influence in the global media industry. Beijing has earmarked 45 billion yuan to fund the expansion of groups including Xinhua, state television station CCTV and China Radio International, according to media reports -- at a time when the industry is facing a major money crunch elsewhere. Recommend Send IM Story Print Related Articles ASIA LOCAL BONDS-Indonesia yields steady at record lows Reuters - 27 minutes ago Indonesia fin ministry says raises 4 trln rph in bond auction Reuters - 28 minutes ago European shares fall in early trade; miners slip Reuters - 33 minutes ago Exxon quits new $6 bln Ras Laffan petchem project-MEED Reuters - 34 minutes ago INDICATORS - Lebanon - August 10 Reuters - 37 minutes ago News Search Top Stories Extreme weather fuels debate over global warming Visitors attack Taiwan 'haunted house' actors Fed expected to downgrade US growth outlook BP makes first deposit into Gulf disaster fund Putin cuts Russia harvest forecast More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier BP spends $6.1 bln on Gulf spill response Campbell said she got diamond from Taylor: Farrow Former HP boss reaches settlement with accuser More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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