National Geographic has done away with its non-profit status after a deal with Murdoch owned 20th Century Fox that further enhanced the duos current partnership.
The partnership is reportedly worth around $US725 million, $1.04 billion in Aussie dollars. The new agreement will see Fox own 73 per cent of Nat Geo and 27 per cent by the Nat Geo Society.
The expanded partnership will be under the name National Geographic Partners, and combines not just the TV channels and programs, but also the renowned magazine, social channels, digital platform and all other media and consumer assets.
Nat Geo and 21st Century Fox have been in partnership for 18 years in a joint venture of national and international TV channels.
Recently appointed CEO of 21st Century Fox, James Murdoch, said of the agreement: “We are privileged to have the opportunity to expand our partnership to continue to bring to audiences around the world, ‘The world and all that is in it,’ as National Geographic Society’s second president Alexander Graham Bell stated more than a century ago. We believe in the Society’s mission of bringing the world to audiences through science, education and exploration.
“We’re working hard to focus our portfolio on brands that have unquestionable consumer appeal. This expanded partnership, bringing together all of the media and consumer activities under the National Geographic umbrella, one of the most treasured names in the world, creates vast opportunities and enables this business to be even more successful in a digital environment.
“In addition, we look forward to benefitting from Declan’s leadership and his keen ability to make the spirit of National Geographic come to life every day through rich storytelling across media for millions around the world. We’re very excited and honored to work with the Society’s extraordinary explorers, scientists and visual storytellers to propel their incredible work to audiences around the globe.”