NEW YORK, Feb. 21 (UPI) -- Rupert Murdoch's News Corp. said Monday it signed a letter of intent to purchase the British television company Shine Group, which is run by his daughter.
The tentative deal values Shine Group at $673 million. Shine Group now includes 25 production companies in Europe and the United States. Combined, the firms produce 3,000 hours of broadcast content annually.
Shine Group Chairman and Chief Executive Officer Elisabeth Murdoch said, "In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper."
"News Corp. is the partner that enables us to maintain our aspiration to be the best in class across all our sectors," she said.
In a statement, her father, Chairman and CEO of News Corp. Rupert Murdoch, said, "Shine has an outstanding creative team that has built a significant production company in major markets in very few years."