The massive size of the Chinese market is a fatal attraction for foreign capital, as every investor dreams of entering the Chinese market. Unfortunately, for many people, such as media mogul Rupert Murdoch, it remains nothing but a dream.
Not long ago, Murdoch’s company News Corp announced that it was selling a controlling stake in three Chinese television channels to China Media Capital (CMC), a private equity fund formed with government backing. Some analysts say this might be the crucial first step of the company’s withdrawal from the Chinese market, a tacit acknowledgement that the group’s efforts to expand into the Chinese media market in recent years have been in vain.