News Corp closes Shine Group deal

News Corporation has completed its acquisition of Elizabeth Murdoch’s production and distribution company Shine Group.

The sale, which has attracted controversy, is reported to be worth around £290m (US$472m) to Shine Group’s shareholders.

The completion was approved by the board of directors’ audit committee at News Corp, which took advice from independent investment bank Centerview Partners and legal firm Wachtell, Lipton, Rosen & Katz.

Shine Group was advised on the sale by JP Morgan and by legal firms Olswang in the UK and O’Melveny & Myers in the US.