Printer Friendly

News Corporation to acquire Shine Group for GBP415m under non-binding letter of intent.

M2 EQUITYBITES-February 22, 2011-News Corporation to acquire Shine Group for GBP415m under non-binding letter of intent(C)2011 M2 COMMUNICATIONS http://www.m2.com

Diversified global media company News Corporation (NASDAQ:NWS) and Shine Group, an international television production group, have reached an agreement in principle for News Corporation to acquire 100% of Shine Group for an enterprise value of GBP415m.

Announcing this on Monday, the companies said that they have signed a non-binding letter of intent and will now proceed with the regulatory filings required for the transaction.

News Corporation expects the acquisition of Shine as an important part of the expansion strategy for its worldwide TV operations.

News Corporation and Shine Group will continue to negotiate the final terms of the long-form stock purchase agreement, which will be subject to customary closing conditions including approval by the audit committee and the full board of News Corporation, receipt of an independent fairness opinion and Shine Group board approval.

Upon successful completion of the transaction, Shine Group will report to Chase Carey, News Corporation's deputy chairman, president and chief operating officer.

(USD1.00=GBP0.62)

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Feb 22, 2011
Words:196
Previous Article:-Indomobil Finance Indonesia gets one-notch upgrade by PEFINDO.
Next Article:Santarus and Pharming initiate Phase IIIb clinical study with RHUCIN in acute HAE.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters