National Geographic Gives Fox Control of Media Assets in $725 Million Deal
Ever since it was launched from the temple-like headquarters of the National Geographic Society in Washington in 1888, National Geographic magazine has illuminated the world’s hidden places and revealed its natural wonders.
On Wednesday, the iconic yellow-bordered magazine, beset by financial issues, entered its own uncharted territory. In an effort to stave off further decline, the magazine was effectively sold by its nonprofit parent organization to a for-profit venture thats principal shareholder is one of Rupert Murdoch’s global media companies.
In exchange for $725 million, the National Geographic Society passed the troubled magazine and its book, map and other media assets to a partnership headed by 21st Century Fox, the Murdoch-controlled company that owns the 20th Century Fox movie studio, the FOX television network and Fox News Channel.
