At one point there was a lawsuit in the U.S. that claimed the proposed deal made little sense and that Rupert Murdoch was “paying for nepotism” by buying his daughter Elisabeth’s TV production company. News Corp said the suit was “without merit”
New York, NY (April 5, 2011) — News Corporation today announced it has completed the acquisition of 100 percent of Shine Group, for which the Shine Group shareholders received approximately £290 million in aggregate proceeds
The transaction was approved by the Audit Committee of the News Corporation Board of Directors. The Audit Committee, which is composed entirely of independent directors, received advice and a fairness opinion from Centerview Partners, an independent investment bank, and legal advice from Wachtell, Lipton, Rosen & Katz. News Corporation was advised by Hogan Lovells. J.P. Morgan acted as exclusive financial advisor to Shine Group, with legal advice from Olswang LLP in the U.K. and O’Melveny & Myers LLP in the U.S.