News Corporation (NASDAQ: NWSA) gets rid of the Chinese ballast and starts to climb

News Corp gets rid of its assets in the Chinese TV channels

In brief: News Corporation (NASDAQ: NWSA) chooses the easiest path. News Corp refuses to fund Chinese units and arranges sale.

News Corporation (NASDAQ: NWSA) shares fell to 14.10 points, losing -0.25 (-1.74%) on Friday. News Corporation American media tycoon Rupert Murdoch on Monday announced the upcoming sale of controlling stakes in three Chinese TV channels, a private investment company, which stands for Shanghai Media Group (SMG), the second largest media corporations in China.

China Media Capital acquires owned News Corp. shares in Xing Kong, Xing Kong International and Channel Mainland China, as well as a library of films Fortune Star Chinese, Reuters quoted an official communication of the American company. Details and timing of the transaction are not announced. Founded in 2009, China Media Capital has a current direct investments in the media business in the amount of 5 billion yuan ($ 739 million). The company is supported by SMG, as well as China Development Bank and China Broadband Capital. News Corp., Total assets of $ 56 billion and owns many internationally renowned brands, including The Wall Street Journal, The New York Post, Daily Telegraph, Fox News and many others. The total revenues of companies within the holding in 2009 was about $ 30 billion.

Anrey Torbinski
2010-08-09 10:39, Economics.

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