MUMBAI: News Corp?s Asian subsidiary Star Entertainment has offloaded its 5.28 per cent stake in Chinese media company Phoenix Satellite Television for approximately $92 million.

Following the sale, the Hong Kong-based television broadcaster?s total ownership stake in Phoenix will be reduced to approximately 12.16 per cent.

News Corp Deputy COO James Murdoch said, "Mr Liu Changle and Phoenix?s accomplishments in the media industry in China are remarkable. We believe the company?s strong position in all of the segments in which it operates, combined with the country?s robust consumer market, will continue to drive growth. Today?s sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures.?
The move comes ahead of News Corp?s planned division into two distinctly owned public companies, one that will house the publishing business and the other under which the television and entertainment business will fall.

MUMBAI: James Murdoch has reiterated the importance of India as a market for News Corp.

Murdoch believes pay TV operators in the country will consolidate over time due to regulatory changes.

?India is a very important market for us, it?s one of our largest international markets," Murdoch, the Deputy COO of News Corp said at an investment conference in San Francisco.

He is also satisfied with the progress being made in South America. "We?ve also made great strides in South America over the last few years, particularly the launch of our sports business there," he added.

Murdoch also stated that the investment in UK pay TV service provider BSkyB, which News Corp un-successfully tried to buy out, is an unfinished business.

News Corp in the recent years has been trying to streamline its overseas businesses that aren?t consolidated.

Last month, the company increased its stake in German pay-TV company Sky Deutschland (SKYD), giving it majority control and putting it a step closer to creating a pan-European broadcaster.