Media business

Murdoch retreats, China Mobile advances into TV

Posted by Jeremy Goldkorn, June 9, 2006 5:20 AM
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Rupert retreats
Image from Sydney Morning Herald
Mure Dickie of the Financial Times reports:
Rupert Murdoch’s News Corp is to sell a 20 per cent stake in Phoenix Satellite Television, its Hong Kong-based Chinese TV joint venture, to China Mobile, the state-controlled wireless operator, in an apparent shift in group strategy towards China.

The sale, worth $185m based on the most recent close of Phoenix’s shares, cuts News Corp’s stake to less than 18 per cent, making China Mobile its second biggest shareholder.

The deal marks a dramatic reduction in News Corp’s involvement in what has been its most successful foray into the fast-growing Chinese media market – and appears to highlight Mr Murdoch’s frustration at Beijing’s tight media controls...

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Comments on Murdoch retreats, China Mobile advances into TV

Does this mean even more Chinese government control over tv in China and the region? What does this mean for content?

Posted by: Jay | June 11, 2006 11:21 PM

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