21st Century Fox said on Thursday it would sell its 47 percent stake in Star China TV to the TV channel operator's management and private equity fund China Media Capital.
Star China TV, formed in 2010 and majority owned by China Media Capital, operates Mandarin channels such as Xing Kong, Xing Kong International and Channel V Mainland China.
21st Century Fox, one of two companies created from the 2013 split of media magnate Rupert Murdoch's News Corp, did not disclose the terms of the deal.
The TV and film company sold its controlling stake in Star China to China Media Capital in 2010, a move that was then seen as a clear sign of Murdoch's waning interest in China due to the various restrictions and limitations on trade in the country.
"Today's divestment underscores our broader agenda of streamlining our affiliate ownership structures," said James Murdoch, deputy chief operating officer of News Corp and son of Rupert Murdoch.