DEAL: Rupert Murdoch To Buy Daughter's Company For $673.5 million

murdoch elizabeth

All in the family.

Rupert Murdoch has reached “agreement in principle” to buy his daughter Elisabeth’s production company Shine Group for $673.5 million, reports Dealbook

Under the terms of the agreement Elisabeth will also join the News Corporation board.

Analysts and industry observers have seen the widely anticipated deal as the latest effort by Mr. Murdoch, the chairman and chief executive, to bring three of his children back into the News Corporation empire.

Shine, which was founded in 2001 by Ms. Murdoch, has joined in an industry-wide push to consolidate content producers. Three years ago, Shine purchased Reveille, the production company behind “The Office” and “Ugly Betty,” for $125 million.

The company reported £28.4 million, or $46.1 million, in profit and £265 million in revenue in 2009.

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