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

 
 
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