National Geographic sells media business to Fox

Posted at 12:31 PM, Sep 10, 2015
and last updated 2015-09-10 15:31:59-04

The 127-year-old nonprofit National Geographic Society is selling a majority stake in its media properties, including National Geographic magazine, to 21st Century Fox for $725 million through an expanded partnership.

The agreement gives the company controlled by Rupert Murdoch's family a 73 percent stake in the new National Geographic Partners venture. The society retains 27 percent ownership.

The arrangement brings together National Geographic's magazine with its cable channels and other media businesses. National Geographic originally partnered with Fox in 1997 to launch the National Geographic Channel. Officials say aligning the brands will help fuel future growth.

The new venture will be governed by a board with equal representation from Fox and National Geographic. Declan Moore, a 20-year veteran of the society, will be CEO of National Geographic Partners.