News Corp sells Phoenix stake to China Mobile – Reuters

From Reuters HongKong:

News Corp. will sell a 19.9 percent stake in a China-focused broadcaster to the state parent of China Mobile Ltd., the companies said in a joint statement on Thursday.

The stake has a market value of US$185 million, based on the last shares price close.

After the transaction, News Corp’s STAR Group Ltd. would retain a 17.6 percent stake in the broadcaster, Phoenix Satellite Television , according to the statement.

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June 8, 2006 7:18 AM
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Categories: Economy