News Corp To Buy Shine Group
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.
Maggie Smith, Star of Stage, Film and “Downton Abbey,” Dies At 89
Maggie Smith, the masterful, scene-stealing actor who won an Oscar for "The Prime of Miss Jean Brodie" in 1969 and gained new fans in the 21st century as the dowager Countess of Grantham in "Downton Abbey" and Professor Minerva McGonagall in the Harry Potter films, died Friday. She was 89. Smith's sons, Chris Larkin and Toby Stephens, said in a statement that Smith died early Friday in a London hospital. "She leaves two sons and five loving grandchildren who are devastated by the loss of their extraordinary mother and grandmother," they said in a statement issued through publicist Clair Dobbs. Smith was frequently rated the preeminent British female performer of a generation that included Vanessa Redgrave and Judi Dench, with a clutch of Academy Award nominations and a shelf full of acting trophies. She remained in demand even in her later years, despite her lament that "when you get into the granny era, you're lucky to get anything." Smith drily summarized her later roles as "a gallery of grotesques," including Professor McGonagall. Asked why she took the role, she quipped: "Harry Potter is my pension." Richard Eyre, who directed Smith in a television production of "Suddenly Last Summer," said she was "intellectually the smartest actress I've ever worked with. You have to get up very, very early in the morning to outwit Maggie Smith." "Jean Brodie," in which she played a dangerously charismatic Edinburgh schoolteacher, brought her the Academy Award for best actress, and the British Academy Film Award (BAFTA) as well in 1969. Smith added a supporting actress Oscar for "California Suite" in 1978, Golden Globes for "California Suite" and "Room with a View," and BAFTAs for lead actress in "A Private Function" in 1984, "A Room with a View" in... Read More