News Corp. to Acquire Shine

NEW YORK/LONDON: Elisabeth Murdoch has reached an agreement in principle to sell the Shine Group to News Corporation for £415 million ($673.1 million).

The companies have signed a non-binding letter of intent and will now proceed with the regulatory filings required for the transaction. Upon completion, Shine Group will report to Chase Carey, News Corp.’s deputy chairman, president and COO.

Announcing the proposed sale, Elisabeth Murdoch, Shine’s chairman and CEO, noted, “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."

Rupert Murdoch, News Corp.’s chairman and CEO, added, “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. I expect Liz Murdoch to join the board of News Corporation on completion of this transaction."

Carey added, "This is a unique and exciting opportunity for us. 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.”