Twenty-First Century Fox Inc. is broadening its partnership with National Geographic TV, according to Reuters. Fox will now include National Geographic magazines and digital platforms, an inclusion that comes 18 years after the initial deal was made.
The joint venture is valued at $725 million, according to CNN Money.
The National Geographic Society will remain a non-profit organization, the resulting profits going to Fox, according to the New York Times. As a result of the deal, Fox will now own 73 percent of the new venture, the National Geographic Society owning 27 percent.
Twenty-First Century Fox CEO, James Murdoch, announced the expansion on Wednesday, giving this statement.
"This expanded partnership, bringing together all of the media and consumer activities under the National Geographic umbrella, one of the most treasured names in the world, creates vast opportunities and enables this business to be even more successful in a digital environment," he said, according to CNN Money.
This is one of the first advancements made at Fox since James Murdock was named chief executive in June, according to the New York Times.
Fox hopes to broaden the scope of National Geographic's influence around the world, focusing the brand itself, according to CNN Money.
The deal also increases the endowment for the National Geographic Society, raising it to almost $1 billion according to Reuters.
