Richard Li
The initial negotiations with Rupert Murdoch were reported to have foundered after the Australian businessman demanded a controlling stake in the Hong Kong company. But in July 1993, Murdoch's News Corporation purchased 63.6% of Star TV for US$525 million, half in cash, half in News Corporation's ordinary shares, blocking offers from Pearson. The deal came after News Corporation failed to acquire 22% of TVB because of regulatory issues. News Corporation acquired the remaining 36.4% for US$299 million in July 1995. Li family and Hutchison Whampoa would retain its shares in Hutchvision Hong Kong Limited, which uplinked Star TV's channels. With the amount of money made from the 1993 sale, Richard Li went on to establish his own venture, Pacific Century Group.