21st Century Fox and Apollo Global Management formally announced they were combining Endemol, Shine Group and Core Media to form a single content and distribution company that would be 50% owned by both companies.
The combined company will be run by CEO Sophie Turner Laing, who previously had been managing director of content at BSkyB.
Endemol CEO Just Spee and Alex Mahon, CEO of Shine Group, will remain with their companies for an extended period following the close of the transaction, working with Ms. Turner Laing on the transition and integration of business operations, according to the announcement. Following the transition period, both will step down in 2015 to pursue new opportunities.
As previously reported, once the transaction closes Elisabeth Murdoch will step down as Non-Executive Chairman of Shine Group. Murdoch is the daughter of 21st Century Fox CEO Rupert Murdoch and made $214 million when Shine was sold to Fox.
“This partnership advances our strategy of accelerating 21st Century Fox’s growth in worldwide television production,” Chase Carey, 21st Century Fox president and chief operating officer, said in a 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. We are extremely grateful to Alex Mahon for her leadership of Shine and are delighted to partner with Apollo in supporting Sophie Turner Laing, and the talent at Shine, Endemol and Core, in our shared mission to form an unrivalled team to lead this truly global content creation business.”
Financial terms of the transaction were not disclosed.
“I am delighted to join the extraordinary collection of talent at Endemol, Shine and Core,” said Laing. “Content has never been more creatively vibrant and exciting and our exceptional production and distribution capabilities will be a magnet for talent to realize their creative ambitions across all platforms on a regional and global scale."
"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,” said Elisabeth Murdoch, non-executive chairman of Shine Group. “It has been an immense pleasure and privilege to work with such extraordinary talent in a shared endeavor to create a unique and outstanding television company. I will be eternally grateful to everyone at Shine Group for their dedication to the pursuit of excellence. I leave with lifetime friendships and admiration for a company I am proud to have been a part of."
“It is a particularly opportune time to bring together three extraordinary companies, establishing one of the most innovative and diverse content creators in the world,” added Aaron Stone, senior partner at Apollo. “The group will have impressive capabilities to offer the creative community and to invest in all aspects of media's future."