The News Corporation said on Monday that it had reached an agreement in principle to buy the Shine Group, the production company run by Rupert Murdoch’s daughter Elisabeth.
The agreement assigns Shine, which produces hit TV shows like “The Biggest Loser” and “MasterChef,” an enterprise value of about $673.5 million. Analysts and industry observers have seen the widely anticipated deal as the latest effort by Mr. Murdoch, the chairman and chief executive, to bring three of his children back into the News Corporation empire.
Rupert Murdoch, chairman and CEO of News Corp.Mark Wilson/Getty Images Rupert Murdoch, chairman and chief executive of the News Corporation.
Last month, Shine confirmed that it had hired JPMorgan Chase as a financial adviser for potential deals. Shine, which was founded in 2001 by Ms. Murdoch, has joined in an industry-wide push to consolidate content producers. Three years ago, Shine purchased Reveille, the production company behind “The Office” and “Ugly Betty,” for $125 million.
The company reported £28.4 million, or $46.1 million, in profit and £265 million in revenue in 2009.
“Shine has an outstanding creative team that has built a significant independent production company in major markets in very few years,” Mr. Murdoch said in a statement, “and I look forward to them becoming an important part of our varied and large content creation activities.”
Under the terms of the deal, Shine executives will report to Chase Carey, the News Corporation’s chief operating officer. Ms. Murdoch will also join the News Corporation board.
The heads of embattled US public broadcasters, National Public Radio (NPR) and the Public Broadcasting Service...
Donald Trump has signed an executive order that seeks to cut public funding for National Public...
A commissioner at the Federal Communications Commission (FCC) is warning that President Trump’s administration is attempting...
