News Corp. is selling control of its three TV channels in China, Rupert Murdoch said on Monday. He's selling the controlling stake to China Media Capital. It's a private equity fund backed by the Chinese regime's No. 2 media company.

It's a change in strategy for News Corp., coming after disappointing results over two decades. In the 1990s the media conglomerate had hoped to attract mass audiences in China. But as the Chinese communist regime heavily regulates the media market, limiting foreign ownership and foreign programming, News Corp. is finally backing off from its ambitious plans.

Founder and CEO of News Corp. Rupert Murdoch has expressed frustration in dealing with Chinese authorities and has said his company, quote, "hit a brick wall" in China.

In this latest deal, China Media Capital will get a controlling stake in News Corp's Xing Kong, Xing Kong International, and Channel Mainland China, including its Fortune Star Chinese movie library.