News Corp set to buy Elizabeth Murdoch's Shine: report

Updated: 2011-02-10 16:34


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LONDON  – Rupert Murdoch's News Corp is poised to buy Shine Group, the production company founded by his daughter, the Financial Times said on Thursday.

Citing sources familiar with the deal, the newspaper said final details are being ironed out and an announcement is likely by early March.

The London-based company is being valued at between 400 million pounds ($643.5 million) to 500 million pounds, the newspaper said.

Shine Group last month appointed JP Morgan to advise it on strategic and growth opportunities.

Founded by Elizabeth Murdoch in 2001, it says on its website it has increased revenues from $38 million in 2006 to about $400 million in 2009.

News Corp was not immediately reachable for comment.


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