National Geographic Society, 21st Century Fox Agree To Expand Partnership

(RTTNews) - The National Geographic Society and 21st Century Fox (FOX, FOXA) Wednesday said they have reached an agreement to expand their successful 18-year partnership. Consideration for the transaction is valued at $725 million. As a result, the Society's endowment will increase to nearly $1 billion.

Through the partnership, the two have owned and operated the properties in National Geographic Channels, a joint venture of domestic and international cable television channels which reach more than 500 million households globally.

The new expanded joint venture will operate as National Geographic Partners and will combine the National Geographic television channels with National Geographic's other media and consumer-oriented assets.

The new entity will be owned 73 percent by 21st Century Fox and 27 percent by The National Geographic Society. There will be a shared governance structure and equal representation on the board of directors.

The Board Chair will alternate annually, with Gary Knell, National Geographic Society President and CEO, serving as the Board's first Chairman.

Declan Moore, a 20-year veteran of the Society currently serving as Chief Media Officer, has been appointed CEO of National Geographic Partners.