Fox, which is owned by self-confessed climate change sceptic Rupert Murdoch, has bought a 73 per cent stake in the environment-focussed world culture magazine National Geographic, making Murdoch the majority stakeholder in an unlikely joint venture.
The deal ends National Geographic’s 127 years as a non-profit organisation. Fox paid $725 million to turn the brand into a for-profit joint venture that encompasses the National Geographic Channels cable television group along with the magazine and National Geographic's other properties.
The enterprise, called National Geographic Partners, will be 73 per cent owned by Fox, while the National Geographic Society will own 27 per cent. It expands on an 18-year partnership between the two businesses that previously included only the TV properties.
The improbable partnership has alarmed National Geographic magazine fans, given that Mr Murdoch recently described himself as a “climate change sceptic, not a denier” on his Twitter feed.
A climate change skeptic not a denier. Sept UN meets in NY with endless alarmist nonsense from u know whom! Pessimists always seen as sages
— Rupert Murdoch (@rupertmurdoch) August 27, 2015
National Geographic sold to Rupert Murdoch http://t.co/tfJhtaVnEe So upsetting. #natgeo #murdoch #media pic.twitter.com/73x0TkiNym
— Manda V. (@whtcrow) September 9, 2015
The magazine has a history of ambitious journalistic pursuit and always stood for science and discovery, while Mr Murdoch openly questioned climate change and global warming in the media.
Last year, the Union of Concerned Scientists published a study arguing that 72 per cent of Fox’s climate change coverage was “misleading.”
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“If the sea level rises 6 inches, that's a big deal ... we can't mitigate that, we can't stop it. We've just got to stop building vast houses on seashores and go back a little bit,” Mr Murdoch told Sky News in July 2014.
Declan Moore, a 20-year veteran of the Society currently serving as Chief Media Officer, has been appointed CEO of National Geographic Partners in response to concerns about conflicts of interest.
“The expansion of our nearly two decade partnership with 21st Century Fox is another milestone for The National Geographic Society, which for much of its 127 years has sponsored groundbreaking scientists and explorers and shared the knowledge and wonder with the world, using the best and most creative media platforms of each era,” Mr. Knell said. “The value generated by this transaction, including the consistent and attractive revenue stream that National Geographic Partners will deliver, ensures that we will have greater resources for this work, which includes our grant making programs that support scientists and explorers around the world."Moore said.
The deal increases the society endowment to nearly $1 billion.
