NEW YORK (TheStreet) -- News Corp. (NWS) - Get Report said Monday it had reached an agreement in principle to purchase all of U.K. television production company Shine Group for an enterprise value of 415 million pounds (about $667 million).
The two companies have signed a nonbinding letter of intent on the deal and said they will now proceed with the necessary regulatory findings.
The chairwoman and CEO of Shine Group is Elisabeth Murdoch, the daughter of News Corp. CEO Rupert Murdoch.
a news release
, News Corp. said it and Shine Group will continue to negotiate final terms of the long-form stock purchase agreement.
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When the deal is completed, Shine Group will report to Chase Carey, News Corp.'s president and chief operating officer.
In the news release announcing the deal, Rupert Murdoch said he expected his daughter to join the board of News Corp. when the transaction is completed.
News Corp.'s U.S.-listed shares closed Friday up 25 cents at $18.73. U.S. stock markets were closed Monday in observance of Presidents Day.
This article was written by a staff member of TheStreet.