National Geographic Sells Chunk Of Media Business To 21st Century Fox
The National Geographic Society and 21st Century Fox have recently announced the companies’ joint decision to expand their partnership as it had been working well for both organizations for the past 18 years, appealing to as much as 500 million households around the world. This year, National Geographic has a reported reach of 700 million people worldwide.
The said partnership will see the formation of the new joint venture company, National Geographic Partners. 21st Century Fox will have a 73% stake in the new company while the National Geographic Society will own 27%. The transaction is valued at $725 million. Moreover, it will also bring up the Society’s endowment to almost $1 billion.
21st Century Fox Chief Executive Officer James Murdoch could not be happier about the recent extended partnership. He says his company is “privileged” to be working with the National Geographic Society. Moreover, he reaffirms, “We believe in the Society’s mission of bringing the world to audiences through science, education and exploration.”
National Geographic Partners business will see the National Geographic television channels combine with National Geographic’s other media assets. These include National Geographic magazines and National Geographic Studios.
Meanwhile, the generous endowment to the National Geographic Society will allow the non-profit organization to double its investment in a number of programs in education, research and science. These programs include the development of the National Geographic Grosvenor Center for Education for high school students as well as the Centers of Excellence in Cartography, Journalism and Photography. Meanwhile, the society also promises to maintain its dedication and focus for the National Geographic Museum.
Both the National Geographic Society and 21st Century Fox are expecting for the transaction to close later in the year.