Wednesday, August 17, 2011

Shine Purchase Nets Elisabeth Murdoch $214M

News Corp investors thought Rupert Murdoch's $675 million purchase of daughter Elisabeth's indie production company Shine Group in April was a good enough sweetheart deal they have filed legal cases to challenge it. However it wasn't revealed just how much Elisabeth made -- $214 million -- until News Corp made its annual SEC filing Monday. The majority of the purchase visited Shine's equity partners, the filing stated. Elisabeth Murdoch was most investor in Shine, which she's grown by buying local production companies she bought Work producer Reveille in 2008. Following the News Corp-Shine deal was introduced, Rupert Murdoch stated his daughter would join News Corp's board of company directors alongside he and sons James and Lachlan. But individuals plans were scrapped for the moment earlier this year included in the fallout in the growing News around the globe scandal within the United kingdom and questions regarding the conglomerate's corporate governance.

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