As it became clear by the September move by Endemol North America to take over CORE Media Group, Endemol was the 800-pound gorilla in the joint venture with Shine Group and CORE and was on track to take control of the venture’s U.S. operations. That is now a fact: Endemol’s toppers, Cris Abrego and Charlie Corwin, have been named co-chairmen and co-CEOs North America of the new joint venture. They will continue to report to Tim Hincks, the new president of the joint venture, and will continue to spearhead day-to-day operations across Endemol’s operations in the U.S., in addition to assuming responsibility for Shine America upon completion of the transaction.
Rich Ross, CEO of Shine America, who already had been looking for a new job, is officially leaving for a post as president of Discovery Channel, returning to cable TV where he has been most successful with his stint at Disney Channel. CORE Media’s general counsel Peter Hurwitz will oversee the company as president. The stripped-down unit has been without a topper since the September exit of president Marc Graboff.
“Cris and Charlie are exceptionally creative entrepreneurs and leaders who are tremendously respected by the creative community, partners, and colleagues alike,” said the joint venture’s CEO Sophie Turner Laing and Hincks. “Together with Peter we couldn’t ask for stronger executives to spearhead the venture’s U.S. operations into a new phase of creativity and growth.”
More details about the integration of Endemol North America and Shine America will likely emerge next week whenTurner Laing will be coming to Los Angeles for meetings with executives from all three companies.
21st Century Fox and Apollo recently reached a final agreement to combine Endemol, Shine Group and CORE Media. Under terms of the agreement, 21st Century Fox and Apollo will jointly manage the newly created group, with each owning 50%. The group’s businesses will have creative operations in over 30 markets, with a portfolio of over 600 formats in both the scripted and non-scripted genres; coupled with digital, gaming, and distribution operations.
Completion of the transaction remains subject to regulatory clearances and other customary closing conditions. Prior to completion of the transaction, Endemol, Shine and CORE will continue to operate as separate companies. Upon completion of the transaction, CORE will retain its own capital structure. The transaction is expected to be completed by the end of the calendar year.