News Corp. acquires Shine

Elisabeth Murdoch to join News Corp. board

News Corp. has completed its $675 million acquisition of the Shine Group, the British production house founded by Elisabeth Murdoch, daughter of the media giant’s chairman, Rupert Murdoch, the company said Tuesday.

Of the $675 million, $464 million will go to Shine shareholders. The rest is the assumption of debt and liabilities.

The Shine deal has been controversial, spurring two large News Corp. shareholders to file lawsuits charging nepotism.

The company said Tuesday that the transaction was approved by the audit committee of its board of directors, made up of independent members.

The committee gave the thumbs up after receiving a fairness opinion from indie investment bank Centerview Partners.

As part of the deal, Elisabeth will join her father and brothers, James and Lachlan, on the News Corp. board.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading