In a series of announcements made, it was confirmed that Cris Abrego and Charlie Corwin will serve as Co-Chairmen and Co-CEOs North America of the new joint venture, which brings together Endemol, Shine Group and CORE Media. In their new roles, Abrego and Corwin will continue to report to Tim Hincks, President of the global multi-platform content provider, 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.
Peter Hurwitz will oversee CORE Media as President.
“Cris and Charlie are exceptionally creative entrepreneurs and leaders who are tremendously respected by the creative community, partners, and colleagues alike,” said Sophie Turner Laing and Tim Hincks. “Together with Peter we couldn’t ask for stronger executives to spearhead the venture’s US operations into a new phase of creativity and growth.”
“We are thrilled by the opportunity to grow these businesses, both creatively and commercially,” said Cris Abrego and Charlie Corwin. “Having been part of the team that has laid such a strong foundation over the past few years it’s been a privilege to work alongside the most creative, innovative and driven talent and executives in the business; and we’re excited about where we collectively can take this new venture.”
“This is a transformative time in our industry. The new venture will be a magnet for creative talent and presents huge opportunities for the future growth of CORE,” said Peter Hurwitz, President, CORE Media.
It was also announced that Rich Ross, CEO of Shine America, will leave to take up a new industry position and departs the company at the end of this month. Shine Group CEO, Alex Mahon will undertake day-to-day responsibilities for Shine America until the new joint venture is formed.
Turner Laing and Hincks added, “We’d like to thank Rich for his leadership of Shine America. His creative talent has led the business through a period of tremendous commercial and creative growth, which has left an indelible mark on the Company. We wish him all the best in his future endeavours.”
“As I get ready for my next adventure I can’t help but reflect on what has been an incredible experience Shine America has been for me both personally and professionally,” said Ross. “I’m proud of the work we have accomplished together and I’m very grateful to the entire Shine family for their collaboration and support over the last few years. I wish them all the best as they embark on this incredibly exciting new era.”
21st Century Fox and Apollo announced a final agreement to create a global multi-platform content provider, bringing together Endemol, Shine Group and CORE Media. Under the terms of the agreement 21st Century Fox and Apollo will jointly manage the newly created group, with each owning 50 per cent. The group’s businesses will have creative operations in over 30 markets, with a diverse portfolio of over 600 revenue generating 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.
