Rupert Murdoch's News Corp. agreed to acquire his daughter
Elisabeth Murdoch's Shine Group for $673 million the companies announced
Monday.
Shine is a U.K.-based production company that owns Reveille
in the U.S. Reports about the impending deal have circulated for weeks, often
centering on the senior Murdoch's desire to bring his daughter into the
business, where two of his sons are already directors.
"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, chairman and CEO of Shine, 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."
"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 Rupert Murdoch, chairman and CEO of News
Corp. "I expect Liz Murdoch to join the board of News Corporation on completion
of this transaction."
The companies signed a non-binding letter of intent and plan
to make the appropriate government filings to receive regulatory approvals for
the transaction.
