Rupert Murdoch acquires National Geographic for $725 million

September 10, 2015 19:37

Fox, which is owned by self-confessed climate change sceptic Rupert Murdoch, has bought a 73 per cent stake in the environment-focussed world culture magazine National Geographic, making Murdoch the majority stakeholder in an unlikely joint venture.

The deal ends National Geographic's 127 years as a non-profit organisation. Fox paid $725 million (Rs 48,230 crore) to turn the brand into a for-profit joint venture that encompasses the National Geographic Channels cable television group along with the magazine and National Geographic's other properties.

The enterprise, called National Geographic Partners, will be 73 per cent owned by Fox, while the National Geographic Society will own 27 per cent. It expands on an 18-year partnership between the two businesses that previously included only the TV properties.

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