Boston, MA 10/10/2014 (wallstreetpr) – Twenty-First Century Fox Inc (NASDAQ:FOXA) and Apollo Global Management LLC (NYSE:APO)’s funds have reached a conclusive deal to create a global provider of multi-platform content.
Others Involved
As cited in the Seeking alpha article, the agreement brings together CORE Media, Shine Group and Endemol. As per the deal terms, the two parties will equally own the newly created group and will have equal management rights and duties in it. The group business units will operate in more than 30 markets having varied portfolio of more than 600 formats. The portfolio will include scripted, as well as non-scripted formats along with distribution, gaming and digital functions.
The group’s chief Executive Officer position will be bestowed to BSkyB’s former Content Managing Director, Sophie Turner Laing. She has been engaged with BSkyB for over ten years and was responsible for overseeing content strategy there. She played a major role in the growth of its entertainment channel portfolio, which also included the company’s joint venture with HBO.
Outlook
In this context, Twenty-First Century Fox Inc (NASDAQ:FOXA)’s President and Chief Operating Officer, Chase Carey, commented that the joint venture will take forward the company’s scheme of accelerated growth in global television production. The integrated assets will help in developing top worldwide business format. It would also enhance and strengthen the diverse portfolio of products while bettering distribution capabilities. In addition, it will also help nurture international class creative talent.
The agreement’s financial terms have not been made public by the companies and are still due to receive approval from authorities. Before the completion of all the formalities associated with the agreement, CORE, Shine and Endemol will continue working as individual companies. Post the completion of the deal, CORE will maintain its capital structure. The agreement is expected to be completely fulfilled by the end of 2015.
