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News Corp buying Lis Murdoch’s Shine for £415m

News Corp is acquiring Lis Murdoch’s international television production company Shine Group. The deal, which will see News Corp take a 100% stake in the company, will cost News Corp £415 million (US$670m) and will see Lis Murdoch join the News Corp board.

The two parties have signed a non-binding letter of intent and will now proceed with regulatory filings required for the transaction.

Shine Group chairman and chief executive Elisabeth Murdoch said: “In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper.”

News Corp chairman and chief executive Rupert Murdoch said: “Shine has an outstanding creative team that has built a significant independent production company in major markets in very few years and I look forward to them becoming an important part of our varied and large content creation activities.”