JP Morgan hired as Sony sells stake in rival Shine
TV PRODUCTION firm Shine has appointed JP Morgan to sell Sony’s 21 per cent stake in its business, since Shine’s global ambitions have put the firms increasingly in competition.
Shine, which is chaired by its founder Elisabeth Murdoch, has grown significantly from the mid-sized UK-focused operation that Sony invested in four years ago.
“While Shine is grateful for Sony’s support, it has become apparent over the past 18 months that Shine Group has grown to become a natural competitor to Sony, both through its acquisition programme and organic expansion, including into the film and digital areas,” it said.
It is understood that only a portion of the stake will be on the market, while Murdoch will add the remainder to her majority stake.
Since 2005, Shine has taken over UK independents Kudos and Firefly, as well as US producer-distributor Reveille.