National Geographic is betting big on it's new partnership with Fox. The revered science and nature brand has just announced that it is expanding its current union with 21st Century Fox to create a new media company valued at $725 million.
Nat Geo is turning over control of its iconic yellow bordered magazine and other media assets in exchange for a considerable increase in its current endowment. The official statement released by the society says:
'The new expanded joint venture will operate as National Geographic Partners and will combine the National Geographic television channels with National Geographic's other media and consumer-oriented assets, including: National Geographic magazines; National Geographic Studios; related digital and social media platforms; books; maps; children's media; and ancillary activities, including travel, location-based entertainment, archival sales, catalog, licensing and ecommerce businesses.'
The National Geographic Society itself will remain to be a non-profit organization. It will use its new $1 billion endowment to 'double' its current investment in science, research, and education.
The press release says that there are plans to create a National Geographic Center for Education that aims to educate high school students. Further, learning centers in the fields of Cartography, Photography, and Journalism are also being planned.
Fox head Rupert Murdoch commented on the decision saying:
"We're working hard to focus our portfolio on brands that have unquestionable consumer appeal. This expanded partnership, bringing together all of the media and consumer activities under the National Geographic umbrella, one of the most treasured names in the world, creates vast opportunities and enables this business to be even more successful in a digital environment."
Fox will control 73% of the new National Geographic Partners while the Society will hold on to the remaining 23%.
The fruits of this new partnership will be interesting to say the least.
