In a filing to the Hong Kong Stock Exchange late on Friday, Phoenix Satellite Television said TPG China Media L.P. will become a "substantial shareholder" after taking over Star's entire 12.15 percent stake. With the sale, Star representatives will also step down from Phoenix's board. The deal was announced on the same day that Murdoch was re-elected chairman of Twenty-First Century Fox Inc (FOXA.O) despite protests from shareholder groups who sought to separate the chairman and chief executive positions of the family-dominated company. Murdoch split News Corp ( NWSA ) into two companies in May, with News Corp retaining the newspaper and other media assets and Fox holding the movie, TV and other entertainment properties. Star, a Fox unit, sold its 607 million shares in Phoenix at HK$2.73 per share or a 2.5 percent discount to its HK$2.80 closing price on Friday. No other financial details were disclosed.