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.
