The National Geographic magazine, a nonprofit publication since its founding in 1888, will shift to for-profit status under a new partnership with 21st Century Fox, the entertainment company controlled by the family of Rupert Murdoch, the two partners said this morning. The partnership, which will also include the National Geographic cable channel and the National Geographic Society’s other media assets, will be called National Geographic Partners. Fox will own 73 percent of the partnership, and Washington-based National Geographic Society will own the balance. Fox will pay $725 million to the Society for its stake in the partnership. This will push the Society’s endowment to more than $1 billion. The monthly magazine, with its famous yellow-bordered cover, has been owned since its inception by the National Geographic Society of Washington, the educational and scientific organization based in Washington that has been a philanthropic organization from its beginning. The Society will remain a non-profit, separately governed from National Geographic Partners. The partnership will be governed by a board comprised of an equal number of representatives from Fox and National Geographic.
End of an era: National Geographic magazine ends non-profit status, partners with Fox
Deacon Greg Kandra - published on 09/09/15
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