News Corp buys Shine

News Corp has agreed to acquire Elisabeth Murdoch’s Shine Group for $673 million. Shine is a UK-based production company that owns Reveille in the US

“In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper,” Elisabeth Murdoch, chairman and CEO of Shine, said in a statement. “News Corporation is the partner that enables us to maintain our aspiration to be best in class across all our sectors, and prepares and equips us for future growth.”

“Shine has an outstanding creative team that has built a significant independent production company in major markets in very few years, and I look forward to them becoming an important part of our varied and large content creation activities,” said her father Rupert Murdoch, chairman and CEO of News Corp. “I expect Liz Murdoch to join the board of News Corporation on completion of this transaction.”

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