Rupert Murdoch's 21st Century Fox and Apollo Global Management have finally completed a deal to create a global TV production unit.
Under the pact, which was announced Friday, Fox's Shine Group will combine with Apollo-controlled Endemol and Core Media Group. It's a plan that had been brewing between Fox and Apollo for a while as consolidation has increased in the production sector.
The companies didn't disclose financial terms for the joint venture.
The partnership will make it the world's largest independent TV production company, with franchises like "Master Chef," "The Biggest Loser" and "Big Brother" under the umbrella. And it advances 21st Century Fox's growth in global TV production, Fox's chief operating officer Chase Carey said in a statement.
"The combination of these assets will create a leading global format business with a deep and diverse portfolio of products, enhanced distribution capabilities and world-class creative talent," he said.
Fox and Apollo will jointly manage the newly created group, with each having a 50% stake.
Former BSkyB content executive Sophie Turner Laing will lead the new company as its CEO.
"Content has never been more creatively vibrant and exciting and our exceptional production and distribution capabilities will be a magnet for talent to realize their creative ambitions across all platforms on a regional and global scale," Laing said in a statement.
The new partnership blends Fox's Shine group, which is behind U.S. unscripted hits "The Biggest Loser" and "MasterChef," as well as dramas "The Bridge" and "Gracepoint," with Apollo's Core Media Group, which produces "American Idol."
The deal would also leave Elisabeth Murdoch, the media mogul's daughter, out of a job, with her stepping down from her place as non-executive chairman at Shine. She founded the company, which owns 26 production companies that serve 11 countries, in 2011 before selling it to her father's News Corp. for $675 million.