Non-profit National Geographic Society will be undergoing some major changes pretty soon after getting into a joint-venture partnership with Rupert Murdoch’s 21st Century Fox. According to the new deal, 21st Century Fox will be owning its magazines, websites and other media assets while National Geographic will get to keep a 27% stake in the new business.
Reportedly 21st Century Fox will be paying $725 million to the National Geographic Society for the deal, which means the non-profit will have an endowment of almost $1 billion once the transaction is completed. The National Geographic Society will hand over the majority of its assets to a new joint-venture company, National Geographic Partners, which will be 73% owned by 21st Century Fox.
The National Geographic Society stated that the deal will enable the foundation to invest more money in sponsoring explorers and scientists. “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,” said CEO Gary Knell, according to Buzzfeed.
