Elisabeth Murdoch sells TV production firm to her father
22 February 2011 1:58am
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.”
In other news
Young people aged 16 and 17 years old should be given the chance to vote in a EU referendum, according to the [Read more]
The Bank of England is carrying out a confidential investigation into what would happen if the UK left the European [Read more]
This year's Eurovision Song Contest will feature an addition to the normal line up – for the first time ever, [Read more]
Tonight is the 60th Eurovision Song Contest, and once again we're in for an evening of cheesy music and crazy [Read more]
The Eurovision Song Contest is getting more and more expensive, despite Europe's decline into austerity. [Read more]
There were delays of up to 30 minutes to trains in and out of Kings Cross Station, after the station was re-opened [Read more]
When a 20-year-old footballer publicly declares he wants to leave a club and his agent hurls insults at one of [Read more]
The outbreak of bird flu in the US is leading to an unprecedented situation for companies reliant on eggs – [Read more]
Germany's finance ministry has denied reports it was considering offering Greece its own parallel currency. [Read more]
Chancellor George Osborne was given a boost today, as higher tax receipts helped shrink the deficit by more than [Read more]
Beleaguered spread-betting firm Plus500 today suspended trading in its shares on London's junior market, following [Read more]
The news that card and electronic transactions have overtaken cash as the UK’s preferred method of payment is [Read more]
Despite the crippling effect of election uncertainty, offers received in April were up 15 per cent on last year [Read more]
Former secretary of state for communities and local government Eric Pickles is to be knighted, 10 Downing Street [Read more]
Network Rail engineers have destroyed the Abbey Wood station as part of the Crossrail development that is expected [Read more]
The Championship looks set to once again be named the fourth most-watched league in Europe, following a seven [Read more]
The Costa Coffee owner said Brittain was "the standout candidate from a very strong field". [Read more]