TPG To Acquire 12.15% Of China’s Phoenix TV

U.S. private equity firm TPG says it has signed a definitive agreement to acquire 12.15% of Phoenix Satellite Television Holdings Ltd.

TPG will purchase the stake from 21st Century Fox’s subsidiary, Star Entertainment Holdings.

The details of the financial terms were not disclosed.

Upon completion of the sale, 21st Century Fox will no longer hold any equity interest in Hong Kong-listed Phoenix TV.

Its representatives will also step down from the board.