21st Century Fox, Apollo Global To Form Multi-platform Media Group

(RTTNews) - Leading production house 21st Century Fox (FOXA,FOX) and Asset management company Apollo Global Management LLC (APO) Friday said they agreed to create a multi-platform media publishing group. Media publishers Endemol, Shine Group and CORE Media will form part of this group. Financial terms of the transaction were not disclosed.

21st Century Fox and Apollo Global will manage the group, holding fifty percent interest in the group each. The group's operations will be spread over a diverse media content portfolio and include digital, gaming, and distribution operations.

Endemol, Shine Group and CORE Media will remain separate companies till the close of transaction and CORE will hold its current capital structure post transaction.

Sophie Laing, who had been with BSkyB for about a decade, will be the chief executive officer of the group, as announced earlier.

Just Spee, CEO of Endemol, and Alex Mahon, CEO of Shine Group, will continue in their roles during the transition period, until 2015. Elisabeth Murdoch, non-executive chairman of Shine Group, however will step down once the transaction is closed.

The transaction is scheduled to close by end of the calendar year.