Rupert Murdoch’s News Corp. has reached a deal to buy Shine Group, the U.K.-based television production company founded by the business magnate’s daughter Elisabeth, in a deal that values it at 415 million pounds ($673.3 million) including debt.
The all-cash transaction will bring Murdoch’s eldest daughter, at age 42, back under the News Corp. umbrella 11 years after she left as former managing director of Sky Networks.
Her return comes amid speculation about who will succeed her 79-year-old father as head of the company. Elisabeth’s brother James, 38, is considered to be the front runner to take over the media empire. He oversees a much larger portfolio, as chief executive of Europe and Asia.
Rupert Murdoch, News Corp.’s chief executive, controls the company through a family trust that holds 40 percent of the Class B voting shares.
Both siblings will report to Chase Carey, News Corp.’s deputy chairman, president and chief operating officer.
Elisabeth Murdoch is also expected to join the 15-member board along with James and her other brother, Lachlan, 39, who has no management role. Rupert Murdoch has two younger daughters, aged 9 and 7, with wife Wendi Deng.
“I could not be happier or more proud that from such modest beginnings Shine will join such an extraordinary group of companies,” Elisabeth Murdoch said in a statement.
The company said Monday it signed a non-binding letter of intent and will proceed with the necessary regulatory filings to acquire Shine, the producer of popular British shows like “MasterChef” and “Merlin.”
In a joint statement, Rupert Murdoch praised Shine’s “outstanding creative team.”
Elisabeth Murdoch left News Corp. in 2000 to start Shine and said the alliance will help prepare her company for future growth. Her job will be to continue to run Shine as its chief executive.
News Corp. is one of the world’s largest media empires, and owns the Times and Sun newspapers in Britain, the Fox News Channel and the Wall Street Journal.
News Corp. and Shine said they will continue to negotiate the final terms of the agreement, which will be subject to approval from both companies’ boards, the audit committee and the receipt of an independent fairness opinion. The companies did not say when they expect the deal to be completed; they also didn’t break out the amount of debt involved in the deal.
Disney Pledges $15 million In L.A. Fire Aid As More Celebs Learn They’ve Lost Their Homes
The Pacific Palisades wildfires torched the home of "This Is Us" star Milo Ventimiglia, perhaps most poignantly destroying the father-to-be's newly installed crib.
CBS cameras caught the actor walking through his charred house for the first time, standing in what was once his kitchen and looking at a neighborhood in ruin. "Your heart just breaks."
He and his pregnant wife, Jarah Mariano, evacuated Tuesday with their dog and they watched on security cameras as the flames ripped through the house, destroying everything, including a new crib.
"There's a kind of shock moment where you're going, 'Oh, this is real. This is happening.' What good is it to continue watching?' And then at a certain point we just turned it off, like 'What good is it to continue watching?'"
Firefighters sought to make gains Friday during a respite in the heavy winds that fanned the flames as numerous groups pledged aid to help victims and rebuild, including a $15 million donation pledge from the Walt Disney Co.
More stars learn their homes are gone
While seeing the remains of his home, Ventimiglia was struck by a connection to his "This Is Us" character, Jack Pearson, who died after inhaling smoke in a house fire. "It's not lost on me life imitating art."
Mandy Moore, who played Ventimiglia's wife on "This Is Us," nearly lost her home in the Eaton fire, which scorched large areas of the Altadena neighborhood. She said Thursday that part of her house is standing but is unlivable, and her husband lost his music studio and all his instruments.
Mel Gibson's home is "completely gone," his publicist Alan Nierob confirmed Friday. The Oscar winner revealed the loss of his home earlier Friday while appearing on Joe Rogan's... Read More