THE DAUGHTER of media mogul Rupert Murdoch has agreed to sell the television production company she founded to her father for £415m.
Elisabeth Murdoch will sell Shine Group, which makes programmes such as MasterChef and the Wright Stuff, to News Corp.
She stands to pocket £200m from the deal, as well as gain a place on the News Corp board.
In 2001, Murdoch quit the family business, leaving her post as head of content at satellite broadcaster BSkyB.
She set up Shine, which she will still hold a 53 per cent stake in, as an independent television production house away from her father’s business.
BSkyB holds 13 per cent of Shine’s shares, Sony Entertainment holds 20 per cent, with the rest divided among management.
Continuing in her role as chairman and chief executive of Shine, she will report to News Corp chief operating officer Chase Carey and not her brother James – the head of the company’s European division.
She said: “News Corp 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.”