Rupert Murdoch ‘to buy’ daughter’s TV co Shine
Deal would give Elisabeth Murdoch more muscle on News Corp board
Rupert Murdoch's media behemoth News Corp is believed to be closing in on a deal to buy his daughter Elisabeth's independent TV production company Shine.
Shine, whose output ranges from the acclaimed Ashes to Ashes and Masterchef to the rather less celebrated but aptly named Most Annoying TV We Hate to Love, is being valued at anything between £300m and £700m – this despite a turnover of £257m in 2009.
The Evening Standard reports that Elisabeth, who owns 53 per cent of the company, stands to collect an estimated £371m if the higher valuation is realised.
The takeover could be done as early as this week and would give Elisabeth a full seat on the News Corp board, where she currently has the status of 'observer'.
At that point, she would be breathing down the neck of brother James Murdoch, who as CEO of News Corp Europe and Asia, is Rupert's heir apparent. However, there have been rumblings about his judgment following his handling of News Corp's attempted takeover of BSkyB and the News of the World phone hacking scandal.
Perhaps daddy has decided that James could do with a little sibling rivalry to sharpen up his game. ·