TPG China Media Buys Remaining Fox Stake in Phoenix Satellite TVJoshua Fellman
TPG China Media LP will buy Twenty-First Century Fox Inc.’s remaining 12.15 percent stake in China-focused broadcaster Phoenix Satellite Television Holdings Ltd. for HK$1.66 billion ($214 million).
TPG will buy 607 million shares at HK$2.73 each from Fox unit Star Entertainment Holdings Ltd., Hong Kong-based Phoenix said in a filing to that city’s stock exchange yesterday. On completion, Fox, controlled by Rupert Murdoch, will no longer hold a stake in Phoenix and its directors will resign, Fox and TPG said in an e-mailed press release yesterday.
Star Entertainment sold 264 million shares, a 5.3 percent stake, at HK$2.72 each in March, Phoenix said at the time. Murdoch had owned a stake in the broadcaster since before the company first sold shares to the public in 2000.