Rupert Murdoch's News Corp. agreed to acquire his daughter Elisabeth Murdoch's Shine Group for $673 million the companies announced Monday.
Shine is a U.K.-based production company that owns Reveille in the U.S. Reports about the impending deal have circulated for weeks, often centering on the senior Murdoch's desire to bring his daughter into the business, where two of his sons are already directors.
"The companies signed a non-binding letter of intent and plan to make the appropriate government filings to receive regulatory approvals for the transaction.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.