Murdoch joint venture creates TV production powerhouse
13 October 2014, 08:34
New York -Rupert Murdoch's 21st Century Fox announced a joint venture Friday, partnering with "Big Brother" creator Endemol to create up a big new player in the TV production segment.
The deal announced by the two firms creates a 50-50 joint venture between US-based Fox and Netherlands-based Endemol's majority owner, investment firm Apollo Global Management.
The new venture will have creative operations in over 30 markets, "with a diverse portfolio of over 600 formats, both scripted and non-scripted, coupled with digital, gaming, and distribution operations," a statement said.
The partnership "advances our strategy of accelerating 21st Century Fox's growth in worldwide television production," said Chase Carey, the company's president and chief operating officer.
The venture incorporates Fox's Shine Group, which produces reality programs like "Masterchef" and "The Voice" and Apollo's CORE Media Group, which produces "American Idol."
Sophie Turner Laing, former managing director of content at BSkyB, will serve as the group's CEO.
As part of the plan, Murdoch's daughter Elisabeth Murdoch will step down from her role, which has been non-executive chairman at Shine, a British-based firm which oversees 27 production entities in 11 countries.
Shine is known for the mini-series "Broadchurch" made in Britain and "The Bridge," a drama which takes place on the US-Mexico border and stars Diane Kruger.
Murdoch created 21st Century Fox last year as he broke up his corporate empire, splitting off his publishing assets in News Corp and placing the film and television properties into the new firm.For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!