UGHHHHHHHH.
After 127 years operating as a non-profit, National Geographic – that’s the iconic yellow-edged magazine, websites, TV channels, books, maps, children’s media, location-based entertainment, archival sales, licensing etc. – has been sold to the highest bidder, and that bidder is Rupert Murdoch’s profit-churner 21st Century Fox.
Us rn:
The US$725 million joint-venture partnership means that Fox now owns 73 percent of the company, which has already been renamed the National Geographic Partners (formerly National Geographic Society); the remaining 27 per cent remains in the hands of the Nat Geo, so at least that’s something.
James Murdoch, who recently took over from dad Rupert as CEO of Fox, said in a statement:
“We are privileged to have the opportunity to expand our partnership to continue to bring to audiences around the world, ‘The world and all that is in it,’ as National Geographic Society’s second president Alexander Graham Bell stated more than a century ago. We believe in the Society’s mission of bringing the world to audiences through science, education and exploration.”
The least-depressing element of this news is that National Geographic Partners will be headed up by a 20-year veteran of National Geographic, Declan Moore, who has been promoted from chief media officer to CEO.
The new media company will also have equal representation on its board – 50% of members made up of Team Packer, and the other half Team Nat Geo – so there’s that, at least.
When the ink dries on the contract, Nat Geo will be sitting on an endowment of almost US$1 billion.
Almost worth selling your soul for. Almost.
Images via National Geographic/Getty.
