There must be something in the water. Yesterday, Media General announced it was buying Meredith, and today, 21st Century Fox has struck a deal with National Geographic to expand its ownership.
Under the deal—worth about $725 million—Fox will expand its ownership of National Geographic by three percent, to 73 percent. National Geographic Society will own the remaining 27 percent. The resulting new company will be called National Geographic Partners.
Gary Knell, president-CEO of Society, will serve as Partners’ first chairman. Declan Moore, who most recently served as chief media officer for Society, has been named CEO of the new company.