BSkyB buffs up Shine stake

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CORRECTED 2:08 P.M. PT Jan. 21, 2008

LONDON - BSkyB said Monday it had upped its stake in Elisabeth Murdoch's production company Shine from 2.9% to 11.3% but declined to comment on how much the deal was worth.

Shine, which is poised to complete the acquisition of "Ugly Betty" producer Reveille Productions and last year acquired "Spooks" creator Kudos Film & TV, is now the fourth biggest independent production company in the U.K.

Launched by Murdoch in 2001 after she quit BSkyB as entertainment head, the production company has struggled to create its own hits, but through the acquisition of Kudos and Reveille will be in the premier league of content creators.

Sony retains a 15% stake in the business, while private equity operator 3i also holds a minority stake.
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