Tags: Fox | Apollo | TV | production

Fox, Apollo Finalize Deal for TV-Production Joint Venture

Friday, 10 Oct 2014 10:27 AM

Rupert Murdoch’s 21st Century Fox Inc. and Apollo Global Management LLC finalized an agreement to create a TV-production venture, combining the makers of “The Biggest Loser” and “Big Brother.”

The 50-50 joint venture will combine Apollo’s Dutch producer Endemol NV and Core Media Group with Fox’s Shine Group Ltd., the companies said in a statement. They also confirmed that Elisabeth Murdoch, who founded Shine and sold it to Fox, will once again leave her father’s company after the deal closes.

The companies already have ties and merging them could help reduce production costs, Fox has said. Core Media produces the singing competition “American Idol” that airs on Fox, while the new reality show “Utopia” on Fox this season is from Endemol co-founder John de Mol and produced by Shine. The joint venture will have creative operations in more than 30 markets and make scripted and non-scripted content.

“This partnership advances our strategy of accelerating 21st Century Fox’s growth in worldwide television production,” Chase Carey, chief operating officer at Fox, said in the statement. “The combination of these assets will create a leading global format business with a deep and diverse portfolio of products, enhanced distribution capabilities, and world-class creative talent.”

No Terms

The joint venture, for which Fox and Apollo reached a preliminary agreement in May, is expected to be established by the end of this year. Financial terms weren’t disclosed, beyond specifying that Core Media, known as CKX before it was purchased by Apollo in 2011, will retain its own capital structure.

Elisabeth Murdoch, who is non-executive chairman of Shine, will focus on other investments including startup Locksmith Animation, people with knowledge of the matter said last month.

“As Shine enters this new chapter with new partners, it is the right time for me to take the final step back from the company I love,” she said in today’s statement.

Apollo, the private-equity firm run by financier Leon Black, had assets under management of about $168 billion as of June 30, according to the statement.

Fox, based in New York, rose 0.2 percent to $33.19 at 9:31 a.m., while Apollo fell 1.2 percent to $22.54.

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Rupert Murdoch's 21st Century Fox Inc. and Apollo Global Management LLC finalized an agreement to create a TV-production venture, combining the makers of "The Biggest Loser" and "Big Brother."
Fox, Apollo, TV, production
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2014-27-10
Friday, 10 Oct 2014 10:27 AM
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