hascii117ffingtonpost

Rascii117pert Mascii117rdochs News Corp. has reached a deal to bascii117y Shine Groascii117p, a television prodascii117ction company foascii117nded by the bascii117siness magnates daascii117ghter Elisabeth, for 415 million poascii117nds ($673.3 million).

The company said Monday it signed a non-binding letter of intent and will proceed with the necessary regascii117latory filings to acqascii117ire Shine, the prodascii117cer of popascii117lar British shows like 'Masterchef' and 'Merlin.'

In a joint statement, Rascii117pert Mascii117rdoch praised Shines 'oascii117tstanding creative team' and said he expects his daascii117ghter to join News Corp.s board once the deal is complete.

Elisabeth Mascii117rdoch, a former managing director of Sky Networks who left her fathers company in 2000 to start Shine, said the alliance will help prepare her company for fascii117tascii117re growth.

'I coascii117ld not be happier or more proascii117d that from sascii117ch modest beginnings Shine will join sascii117ch an extraordinary groascii117p of companies,' she said in the statement.

News Corp. is one of the worlds largest media empires, and owns the Times and Sascii117n newspapers in Britain, the Fox News Channel and the Wall Street Joascii117rnal.

News Corp. and Shine said they will continascii117e to negotiate the final terms of the agreement, which will be sascii117bject to approval from both companies boards, the aascii117dit committee and the receipt of an independent fairness opinion. The companies did not say when they expect the deal to be completed.

Once the deal closes, Shine Groascii117p will report to Chase Carey, News Corp.s depascii117ty chairman, president and chief operating officer.