After 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.
The new joint venture will give the National Geographic Society the “scale and reach to continue to fulfill our mission long into the future”, Knell said in a statement. The transaction is expected to close later this year.
“As media organizations work to meet the increasing demand for high-quality storytelling across multiple platforms, it’s clear that the opportunity to grow by more closely aligning our branded content and licensing assets is the right path,” he said.
Declan Moore, current chief media officer and a 20-year veteran of the National Geographic Society, has been appointed CEO of National Geographic Partners.
