Global private investment firm TPG has agreed to buy a 12.2 percent stake in China-based satellite television operator Phoenix Satellite Television Holdings from United States-based media corporation 21st Century Fox for HKD1.7 billion (approximately US$214 million). TPG will buy 607 million shares in Phoenix at HKD2.73 per share, representing a 3.5 percent discount to the company’s closing price on 18 October 2013. The company broadcasts to more than 180 countries and regions.