21 Century Fox in joint television venture talks

Television colossus 21st Century Fox said Thursday it is on the cusp of a joint venture focused on reality programs with the group managing Shine, Endemol, and CORE Media Group. Apollo Global Management and Fox, owned by media mogul Rupert Murdoch, have a preliminary agreement to merge resources into a new entity they would jointly manage, according to a statement released by Fox. A Fox spokesman said the deal is "really about scale" and could allow the group to "create and sell more content in more countries." The television production operation created by the union would wield a broad roster of popular shows, including "American Idol" and "The Biggest Loser." Fox cautioned that the deal was still being worked out and that there was "no assurance that the proposed transaction will be completed." Endemol, based in Amsterdam, is described as the largest independent producer with some 90 affiliates in 30 countries, producing 15,000 hours of programming. Murdoch last year split his empire into two units, which became the publishing arm News Corp and 21st Century Fox, in a moved described as unlocking value for each division.