From The Washington Post:
National Geographic magazine shifts to for-profit status with Fox partnership
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.
As moonbat heads begin softly exploding...
Good move - the Society itself remains non-profit and independent, the media becomes part of FOX News. Murdoch knows how to run a media empire so this should go well. I also like that Murdoch is a rationalist regarding climate change - he is used to reading a business balance sheet and he is used to the same thing when it comes to Science - numbers and not model outputs.
Now if he would purchase Scientific American and restore it to its former glory...
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