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Hong Kong (pte034/27.05.2003/14:45) - US media group AOL Time Warner (AOL TW) http://www.aoltimewarner.com is considering relinquishing its majority control over southern Chinese TV station CETV.
AOL TW currently holds 85 per cent of the Chinese entertainment station, which is broadcast in the southern province of Guangdong. Next to Rupert Murdoch's Star TV channel, CETV is the only foreign station available to a mass public in China.
As reported by the Financial Times (FT), AOL TW is negotiating the sale of its majority interest to the Tom.com Hong Kong media group http://www.tom.com .
The sale would indicate a dramatic change in the US group's strategy in China, as AOL TW would be removing itself from the growth market before having been properly established. The group would nevertheless still exercise minority control over the station. Analysts view the move as a further attempt to reduce debt.
According to FT, Tom.com has been trying to gain a foothold in the southern Chinese region for some time. It is not yet clear just how much of the 85-percent-stake will be up for sale.
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