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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 22, 2011|
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