News Corp acquires Shine group
News Corporation will acquire 100% of the Shine Group, helmed by Elisabeth Murdoch in a deal worth £415 million.
Rupert Murdoch’s News Corporation will acquire 100% of the Shine Group, helmed by daughter Elisabeth Murdoch, in a deal worth £415 million ($A667m.
Shine, which also owns Kudos Film and Television, Princess Productions, Reveille, Dragonfly and Firefly, has such titles as MasterChef, The Biggest Loser, Merlin, Spooks, Hustle, Life on Mars, One Born Every Minute, Jamie’s Fowl Dinners, The Family, The Office, The Tudors, Ugly Betty and more.
Elisabeth Murdoch will join the News Corp board but will remain in charge at Shine, and has told colleagues that television will continue to be her “main interest”.
Elisabeth Murdoch, Chairman and CEO Shine Group said: “In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper. News Corporation is the partner that enables us to maintain our aspiration to be best in class across all our sectors, and prepares and equips us for future growth. Shine shares News Corporation’s long-standing belief in creative excellence and ambitious expansion. I could not be happier or more proud that from such modest beginnings Shine will join such an extraordinary group of companies.”
Shine Australia is steered by Mark and Carl Fennessy, both of whom have some equity in the Australian company.
Source: The Guardian