Mark Burnett & Hearst Form JV

NEW YORK: Hearst Corporation and Mark Burnett have set up a new global joint venture that will focus on media content, producing events around it, and spinning off TV shows and other programming based on Hearst brands.

The deal sees Hearst acquiring a substantial interest in Burnett’s existing production business. Scott Sassa, the president of Hearst Entertainment & Syndication, will lead the JV ’s board of directors, along with Burnett.

Frank A Bennack, Jr., Hearst CEO, said, “The most successful companies are those that can surround the consumer with world-class content based on their brands. We see the media production business as a great opportunity to leverage Hearst’s brands across platforms and continue our move into new businesses. We see this as a growth opportunity for us that diversifies our revenue streams and we are happy to have Mark—a visionary in the reality genre—as a partner.’

"Survivor is to nonfiction what I Love Lucy is to sitcoms; it is the starting point for all of today’s storyline-based unscripted shows,” added Sassa. “This venture provides Mark a platform and freedom to continue and grow his unique type of innovation. Together, we have a vision to create shows that have 360-degree businesses built around them. We will create businesses around every screen that are both in- and out-of-home experiences, and linear and interactive in nature."

Burnett commented, “I’m extremely grateful to be partnering with Hearst. ‘Content is King,’ and with more screens needing entertaining content now than at any time in history, that statement is truer than ever. Hearst’s iconic brands will be an incredible creative addition for me and will translate perfectly into the vision for the future that Frank, Scott and I all share. In fact, we already have great projects in the works.”