Rupert Murdoch's News Corporation (ASX:NWS) has announced that it will buy television production company Shine Group for $666 million.
Murdoch’s daughter, Elisabeth Murdoch is Shine Group’s chairman and chief executive, and will join News Corp once the transaction is finalised.
Mr Murdoch says the latest acquisition has a creative team that has built an independent production company in major markets.
News Corp president and chief operating officer Chase Carey says Shine is a leader in the global television production business with a proven track record of developing hit shows and new formats worldwide.
Elisabeth Murdoch founded Shine Group in 2001 and in 2009 the company generated revenue of around $400 million.
In the six months to 31 December 2010, News Corporation booked a net profit of $1.46 billion.
