Murdoch retreats from China with sale of TV stake

Shares in Rupert Murdoch's 21st Century Fox have lifted after it said it is selling its stake in Star China TV, the owner of three Chinese television stations.

The shares jumped 80¢ after opening on Friday, before dropping back to $39.15.

In an announcement late on Thursday, Fox said it had agreed to sell its 47 per cent stake to its joint-venture partner, China Media Capital, ending its involvement.

The sale marks a retreat from China by the media empire after two decades of rigorous engagement http://www.victorharbortimes.com.au/story/2005043/murdoch-retreats-from-china-with-sale-of-tv-stake/