Elisabeth Murdoch and Lord (Waheed) Alli have received GBP6 million in first stage financing for their recently established television and production company, Shine Entertainment, from 3i. Elisabeth Murdoch is the daughter of the media tycoon behind BSkyB, Rupert Murdoch, and herself researched board level within that organisation and Lord Alli was co-owner of Planet 24 which was sold to Carlton Television last year.
The funds raised will be used to establish Shine Entertainment’s build a platform for attractive commercial and/ or acquisition opportunities. The strategy is to take advantage of recent consolidation in its sector and the growing opportunities in the international market to establish an independent production house focused in the UK and US. Two deals agreed by Shine Entertainment to date are a two-year TV and film output agreement with BskyB and a deal with IPC Media to develop a broadcast strategy.
Elisabeth Murdoch is the majority shareholder in Shine Entertainment and minority stakes are held by 3i, BSkyB and Lord Alli.
LongAcre, the media specialist corporate finance house established by specialist TMT law firm Olswang and JP Morgan in September last year, advised on the placing and Olswang provided legal advice.