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JP Morgan hired as Sony sells stake in rival Shine

TV PRODUCTION firm Shine has appointed JP Morgan to sell Sony&rsquo;s 21 per cent stake in its business, since Shine&rsquo;s global ambitions have put the firms increasingly in competition.<br /><br />Shine, which is chaired by its founder Elisabeth Murdoch, has grown significantly from the mid-sized UK-focused operation that Sony invested in four years ago.<br /><br />&ldquo;While Shine is grateful for Sony&rsquo;s support, it has become apparent over the past 18 months that Shine Group has grown to become a natural competitor to Sony, both through its acquisition programme and organic expansion, including into the film and digital areas,&rdquo; it said.<br /><br />It is understood that only a portion of the stake will be on the market, while Murdoch will add the remainder to her majority stake.<br /><br />Since 2005, Shine has taken over UK independents Kudos and Firefly, as well as US producer-distributor Reveille.