RUPERT MURDOCH'S News Corporation has snapped up the 36.4 per cent of STAR TV it did not already own, paying Hutchison Whampoa and Genza Investments about US$299 million (HK$2.3 billion).
Genza - wholly owned by Richard Li Tzar-kai, the son of tycoon Li Ka-shing - and Hutchison said the deal was scheduled for completion on July 26.
STAR TV said News Corp was also taking over shareholder loans made by Genza and Hutchison to STAR TV, adding another US$46 million to the price.
News Corp first bought into STAR TV in July 1993, paying US$525 million for 63.6 per cent, half in cash and half in shares.
'This transaction is a continuation of the July 1993 transaction,' said STAR TV spokesman Doug-las Gautier. 'It enables STAR to exploit all the natural synergies that are part of the News Corp group,' he added.
These include access to the corporation's Fox network in the United States and BSkyB, its satellite broadcaster in Britain.
Arnie Tucker, a spokesman for Richard Li's Pacific Century Group, said the group was happy with the sale price.