Brothers Mark and Carl Fennessy are set to exit as joint CEOs of Shine Australia after their contract with the newly merged Endemol Shine Group expires later this year. The move is the latest in the wake of the 50-50 joint venture formed late last year between 21st Century Fox and Apollo Global Management.

The company said it plans to create a combined Shine and Endemol business within Australia sometime this year. Until then, Shine Australia and Endemol Australia will continue to operate independently.

Mark, left, and Carl Fennessy
Mark, left, and Carl Fennessy
Images courtesy of Shine Australia

“We have loved our time at Shine and remain immensely proud of the business we have built,” the Fennessys said in a statement. “We sincerely thank our brilliant, loyal and dedicated team who have worked beside us every day on this extraordinary journey. We wish the Endemol Shine Group every success in the future and look forward to a welcome break ahead of our next adventure.”

Endemol Shine has been defining the executive ranks across myriad divisions in recent weeks. Last month it tapped Lisa Perrin to lead Shine Network; Eden Gaha to run unscripted and Carolyn Bernstein and Jeremy Gold to head scripted for the U.S. operation; outlined the leadership structure of its separate international creative team and format sales business; and gave birth to Endemol Shine International, the result of a combined Shine International and Endemol Worldwide Distribution.