QuoteAfter 127 years as a nonprofit publication, the National Geographic magazine has joined Rupert Murdoch's 21st Century Fox as a part of a newly expanded joint venture.
21st Century Fox, which has owned and operated the properties in National Geographic Channels for 18 years, will pay $725m to the National Geographic Society for its stake in the expanded partnership, increasing the society's endowment to nearly $1bn.
Called National Geographic Partners, the new entity will combine the television channels with the magazine and other media, including National Geographic studios, related digital and social media platforms, books and maps, among other assets.
National Geographic Partners will be owned 73% by 21st Century Fox and 27% by the National Geographic Society. Both organizations will split operations equally, with a shared governance structure and equal representation on the board of directors. The National Geographic Society president and CEO, Gary Knell, will serve as the board's first chairman.
http://www.theguardian.com/media/2015/sep/09/national-geographic-nonprofit-status-21st-century-fox (http://www.theguardian.com/media/2015/sep/09/national-geographic-nonprofit-status-21st-century-fox)