Murdoch's News Corp. buying daughter's company

Feb 21, 2011

News Corp. announced Monday it has agreed to buy Shine Group, a television production company owned by News Corp. chief executive Rupert Murdoch's daughter Elisabeth, for £415 million ($672 million).

News Corp. said Elisabeth Murdoch, 42, the chairman and chief executive of London-based Shine Group, will join the . board of directors upon the completion of the transaction.

"Shine has an outstanding creative team that has built a significant independent production company in major markets in very few years, and I look forward to them becoming an important part of our varied and large content creation activities," said in a statement.

"This is a unique and exciting opportunity for us," said News Corp. president and chief operating officer Chase Carey.

"Shine is a leader in the global television production business with a proven track record of developing hit shows and new formats worldwide.

"We have every confidence that Shine will be an important part of the expansion strategy for our worldwide TV operations," Carey said.

News Corp. said the Shine Group will report to Carey when the purchase, which involves a stock purchase agreement, is finalized.

"In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper," Elisabeth Murdoch said in a statement.

"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," she said.

The Shine Group was founded by Elisabeth Murdoch in 2001 and reported revenue of around $400 million in 2009.

Its companies include Dragonfly, Kudos, Princess Productions, Shine TV, Reveille and Metronome Film & Television.

News Corp. properties include newspapers in Australia, Britain and the United States, the 20th Century Fox movie studio and Fox television networks.

Explore further: AOL to feed more video, news to Microsoft's MSN

add to favorites email to friend print save as pdf

Related Stories

Former AOL head to run News Corp. digital

Apr 01, 2009

Jonathan Miller, a former head of Time Warner online unit AOL, was named by News Corp. chairman Rupert Murdoch on Wednesday to oversee MySpace and other digital businesses at the media giant.

News Corp. puts Myspace on notice

Nov 03, 2010

Rupert Murdoch's News Corp. put Myspace on notice on Wednesday, saying the losses at the ailing social network were unsustainable and there needs to be improvement in the next few quarters.

News Corp. net profit up 36 percent

Nov 03, 2010

News Corp. said Wednesday that its net profit rose 36 percent in the first quarter of its 2011 fiscal year to 775 million dollars, beating the expectations of Wall Street analysts.

Recommended for you

What's PayPal's first solo move?

13 hours ago

PayPal's impending split from long-time partner eBay Inc. will ratchet up its appeal to online retail competitors such as Amazon.com and give it the freedom to aggressively take on new mobile pay challeng ...

AOL to feed more video, news to Microsoft's MSN

18 hours ago

AOL will provide Microsoft's MSN with more video and additional news stories from popular sites such as The Huffington Post and TechCrunch in an expansion of a deal aimed at selling more digital advertising.

Microsoft to tap $2-trillion Indian cloud market

22 hours ago

Microsoft announced plans Tuesday to offer its commercial cloud services from Indian data centres as it seeks to tap what it calls a $2-trillion market in the country where Internet use is growing rapidly.

User comments : 0