DOW JONES NEWSWIRES
Hearst Corp. said it will form a joint venture with prominent
reality-television show producer Mark Burnett to help cross-market
its existing magazines and other content on other platforms.
The move is the latest in a series of deals the publishing
conglomerate has pursued amid declining circulation in the magazine
industry. Hearst owns almost 200 magazines, including Good
Housekeeping, Cosmopolitan and Oprah, as well as 29 TV stations,
mostly affiliates of Walt Disney Co.'s (DIS) ABC and NBC
Universal's NBC. NBC Universal is 51% owned by Comcast Corp.
(CMCSA) and 49% by General Electric Co. (GE).
The venture will focus on media content and producing events
around that content, along with spinning off television shows and
other programming for new and emerging platforms based on Hearst
brands.
The media company didn't disclose financial terms of the deal
nor mention other details of the planned projects.
The production and "events-based" joint venture will have Hearst
acquire a substantial interest in producer Mark Burnett's existing
business. Scott Sassa, president of Hearst's entertainment and
syndication division, will head the new venture's board, along with
Burnett.
"Together, we have a vision to create shows that have 360-degree
businesses built around them," Sassa said. "We will create
businesses around every screen that are both in- and out-of-home
experiences, and linear and interactive in nature."
Burnett has produced unscripted programming ranging from
"Survivor" and "The Apprentice" to "Are You Smarter Than a 5th
Grader?" and awards shows. His upcoming series include "The Voice"
and "Expedition Impossible."
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com