Rupert Murdoch's Daughter Elisabeth Made $214M From Sale of Shine Group to News Corp. (Report)
The controversial sale has sparked lawsuits from shareholders claiming the production company wasn't worth the $675 million price tag.
Rupert Murdoch's daughter Elisabeth made $214 million from the sale of Shine Group to her father's company, News Corp., the Los Angeles Times reported, citing Securities and Exchange Commission documents.
The British TV production company, which produces such shows as The Biggest Loser and MasterChef, was sold to News Corp. for $675 million in April.
About $480 million of that total was earmarked for Shine's equity partners, while another $135 million was used to pay off Shine's debt and other liabilities.
Elisabeth Murdoch was the majority shareholder with 53%, while Sony Pictures Entertainment owned 20%.
The Shine sale was met with controversy, spurring lawsuits from shareholders who argue that Shine was worth less than its sale price.
At the time of the sale, Rupert Murdoch said his daughter would join him and her brothers Lachlan and James on News Corp.'s board.
But earlier this month, in the wake of the lawsuits -- as well as the phone-hacking scandal at News Corp. -- the company announced that Elisabeth Murdoch wouldn't be joining the board right away. The move, which came amid increased corporate governance scrutiny due to the scandal, was aimed at shoring up News Corp.'s credibility.
Additionally, critics have argued that Murdoch family members, confidants and former News Corp. employees make the company's board anything but independent.