Elisabeth Murdoch, daughter of News Corp. chairman and CEO Rupert Murdoch, has relinquished the CEO position at Shine Group, according to
a report in the
Wall Street Journal,
a News Corp. publication.
Elisabeth Murdoch founded Shine, a U.K. television production company, in 2001 and sold it to News Corp. last year. She will continue as chairman of Shine and will focus on developing strategy and leading the creative parts of the company. Alex Mahon, who had been chief operating officer, will be the new CEO.
News Corp. paid $480 million for Shine in addition to assumption of debt. As majority owner of Shine, Elisabeth Murdoch received about $214 million in cash at closing and was due to receive more when part of the cash proceeds were released from escrow, the
Journal
report noted. (Source:
Wall Street Journal,
July 13, 2012.)
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