China Media Capital and News Corporation enter acquisition agreement for STAR China’s TV business
11 August 2010
Shanghai/Hong Kong - China Media Capital (CMC) and News Corporation announced they have signed an agreement under which CMC will acquire a controlling stake in News Corporation’s Xing Kong, Xing Kong International, Channel [V] Mainland China along with its Fortune Star Chinese movie library. Both partners aim to develop the business by exploring new growth opportunities.
CMC is China’s first private equity fund with a focus on investment in the media industry. It was established in April 2009 with the backing of the National Development and Reform Commission with total assets under management of RMB 5 billion. CMC seeks to identify investment opportunities in media businesses in both China and abroad with the aim of providing backing through growth capital, corporate restructuring, management buyouts and strategic acquisitions. The agreement with News Corporation represents CMC’s first investment project.
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