Deal-busy media giant Hearst Corp. is forming a 50/50 joint venture with “Survivor” producer Mark Burnett to produce TV shows and other programming for new and emerging platforms based on Hearst’s existing magazines.
They already have a number of projects in the works though further details have not been provided.
“We see this as a growth opportunity for us that diversifies our revenue streams,” said Frank A. Bennack, Jr., CEO of Hearst Corporation in a statement.
Hearst owns 29 TV stations with stakes in Lifetime and ESPN, among others, as well as newspapers and magazines including Cosmo, Oprah, and Good Housekeeping.
Scott Sassa, president, Hearst Entertainment & Syndication, will lead the new venture’s board of directors along with Burnett.
“‘Content is King,’ and with more screens needing entertaining content now than at any time in history, that statement is truer than ever,” said Burnett. “Hearst’s iconic brands will be an incredible creative addition for me and will translate perfectly into the vision for the future that Frank, Scott and I all share.”