Rupert Murdoch, owner of media empire News Corp, is in discussions to acquire the production company owned by his daughter, which some see as an attempt to bring her back into the family-controlled business.
Reports in the financial press say that the Shine Group, founded by Elisabeth Murdoch, had hired JP Morgan Chase to advise on strategy, including being acquired. Murdoch owns 53% of the company's shares, with Sony holding 20% and British Sky Broadcasting holding 13% stake.
News Corp's plan to buy Shine is thought by some to be a way to bring back Elisabeth to the family empire, headed by father Rupert Murdoch (pictured). Elisabeth was a part of News Corp until 2001, when she founded the Shine Group, which has made a number of key acquisitions and produced hit shows like "MasterChef" in the UK.
Seventy-nine-year-old Rupert Murdoch has so far made no indication of who will succeed him at News Corp. (Continue reading here) Previously, eldest son Lachlan was thought to have been the heir apparent, but he resigned from his executive position in 2005 to start his own company. This left his other son James, currently chairman and CEO of News Corp Europe and Asia, the only person still directly involved with the company. (Continue reading here)
News Corp was created in 1979 by Rupert Murdoch. He was ranked the 13th most powerful person and the 117th wealthiest person in the world in 2010 by Forbes.
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