National Geographic
will change from a non-profit to a for-profit magazine and 21st Century Fox, the film and television company controlled by Rupert Murdoch, will own 73% of the new corporate entity. The National Geographic Society will own the rest and continue to fund scientific research and exploration,
USA Today
reported.
Fox and the National Geographic Society have been in a joint venture for 18 years. Under that partnership, both have shared ownership of National Geographic cable network channels,
USA Today
reported. Under the newly announced deal, Fox and the society will create a new company, called National Geographic Partners. The new company will own and operate National Geographic media ventures including the cable networks,
National Geographic
magazine, a video studio, books, maps, children's media and catalog, licensing and e-commerce businesses, the
USA Today
article said.
The National Geographic Society's endowment will double to $1 billion after the transaction. Fox will pay $725 million for its controlling stake in the new company, the article said. (Source:
USA Today
, Sept. 9, 2015.)
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