Wednesday, September 9, 2015

21st Century Fox Buys National Geographic for $725 Million

Rupert Murdoch now owns a 73% share of National Geographic magazine and television.  The New York Times reports:

Since 1888, the National Geographic Society has stood for science, discovery and storytelling. Its yellow-bordered magazine has served as the ultimate stage for award-winning photography, depicting the wonders of the world, and the group has supported pursuits as diverse as the underwater explorations of Jacques-Yves Cousteau and Jane Goodall’s study of chimpanzees in Tanzania.

Now, the nonprofit organization plans to continue that mission, backed by the Murdoch media empire.

In a deal announced on Wednesday and valued at $725 million, the National Geographic Society and 21st Century Fox are creating a for-profit joint venture that encompasses the National Geographic Channels cable television group along with National Geographic’s other properties. That includes its magazine and other print publications, studios, digital media, maps, children’s media, travel, licensing and e-commerce.

Read the rest here.