Posted: 12 Aug 2010AP, 10 August 2010, Joe McDonald: "Rupert Murdoch's News Corp. is selling a controlling stake in three of its TV businesses in China to a government investment fund as the media conglomerate scales down its ambitions in a market where foreign investors have struggled to succeed. ... The sale marks a change in strategy for News Corp. in China's heavily regulated media market, where the communist government limits foreign ownership. Other media companies also have launched partnerships with Chinese entities to gain a bigger foothold. News Corp. has pursued ventures in China for nearly two decades but has backed off its ambitious plans in recent years as the government tightened controls on media." See also AFP, 10 August 2010.
Radio Australia, Connect Asia, 11 August 2010, Karen Snowdon: "[A]fter almost 20 years of going it alone, News Corp is selling its control in three stations. They're Xing Kong, Xing Kong International and music channel, Channel Mainland China. Plus, the Fortune Star movie library. ... The buyer is China Media Capital, a private equity fund backed by China's second largest media company, the Shanghai Media Group. It was set up just last year as the first fund of its kind to expand internationally. ... [Professor Wanning Sun of the University of Technology in Sydney]: 'This is actually a way of offloading some of the difficult parts of the business onto the Chinese part. And it comes with the mandate of expanding Chinese soft power overseas, so it will have a much easier access to Chinese support. So, Murdoch and his company is really trying to have it both ways so they don't have to deal with the Chinese government on a day to day basis in terms of the regulation and interventions and scrutiny while at the same time share the profits.'"
Copyright 2006–2017 Kim Andrew Elliott.