Los Angeles billionaire Ron Burkle doubled his holding in China's Xinhua Finance Media to 12% with the purchase of $30 million in convertible stock.
The new stake comes on top of the $27.5 million that Burkle's Yucaipa Cos. invested in September, Xinhua said.
The conversion price is $6 per American depository share, a 31% premium above Xinhua's close Friday, the Beijing company said. Xinhua sells ads for financial publications and TV and radio stations.
