By Michael Calia
Private-equity firm TPG Inc. has agreed to buy 21st Century Fox
Inc.'s (FOXA. FOX.AU) remaining stake in Chinese media company
Phoenix Satellite Television Holdings Ltd. (2008.HK).
Financial terms of the deal weren't disclosed.
21st Century Fox, through its Star Entertainment Holdings Ltd.
unit, owned an approximate 12.2% stake in Phoenix. Representatives
of Star will also step down from Phoenix's board.
Earlier this year, before News Corp. split into two
companies--21st Century Fox and the publishing-focused News Corp
(NWS, NWSA, NWS.AU)--it cut its stake in Phoenix by 5.28% in a $92
million deal.
News Corp owns The Wall Street Journal and this newswire.
Shares of 21st Century Fox were up six cents to $34.38 in
late-morning trading Friday.
Write to Michael Calia at michael.calia@wsj.com
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