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.