21st Century Fox and Apollo Global Management have entered into a tentative deal to create one of the worlds largest television production businesses. The agreement would see Foxs Shine Group enter into a joint venture with two TV production businesses controlled by Apollo Core Media, the maker of American Idol, and Endemol, the company […]
21st Century Fox and Apollo Global Management have entered into a tentative deal to create one of the worlds largest television production businesses. The agreement would see Foxs Shine Group enter into a joint venture with two TV production businesses controlled by Apollo Core Media, the maker of American Idol, and Endemol, the company behind Big Brother. The combined entity could be valued at more than USD 2bn.
Rupert Murdochs 21st Century Fox has warned, however, There can be no assurance that the proposed transaction will be completed.”
The company’s statement said: 21st Century Fox confirms its intent to form a joint venture with funds managed by aCffiliates of Apollo Global Management comprised of Endemol, Shine Group and CORE Media Group. The parties have entered into a preliminary agreement, subject to a number of conditions, which calls for 21st Century Fox and funds managed by affiliates of Apollo to jointly own and manage the new joint venture.
There are no plans for immediate restructuring or executive changes, with each entity in the proposed joint venture operating as they have. The process is expected to continue over several months.
