Fox heir James Murdoch has purchased a controlling stake in the company that produces the Tribeca Film Festival, joining actor Robert DeNiro in helming one of the world's largest showcases for independent films.
Murdoch, 46, the fourth of Rupert Murdoch's six children, acquired the stake through his Lupa Systems investment firm, which he founded in March after Walt Disney Co.'s $71.3 billion takeover of most of 21st Century Fox.
Rupert Murdoch, 88, the company's executive co-chairman, sold the Fox assets — and each child pocketed at least $2.1 billion from the transaction, DailyMail.com reported Monday.
James Murdoch, who once served as 21st Century Fox's CEO, has a reported net worth of about $500 million. The Tribeca deal signals a break from his family following the Disney acquisition.
He purchased the Tribeca Enterprises stake from Madison Square Garden Co., Film Festival co-founder Craig Hatkoff, and other investors, according to DailyMail.com.
MSG paid $22.5 million for 50% of Tribeca in 2014, Deadline.com reports.
Also joining Murdoch in the transaction was Attention Capital, whose CEO is former Fox executive Joe Marchese. No financial terms were disclosed.
DeNiro's producing partner, Jane Rosenthal, is a Tribeca co-founder. DailyMail.com described them as among "Hollywood's most vocal liberal voices."
"We are excited about working with Jane and Bob to help grow the unique Tribeca brand," Murdoch said in a statement announcing the deal.
Tribeca's primary asset is the film festival, which marks its 19th year next April and brings to New York as many as 5 million people from around the world.
The company introduced an annual TV festival last fall and also produces branded content through Tribeca Studios.
News reports have long speculated over the future of Rupert Murdoch's company, as he did not specifically name an heir — and his children continue to battle behind the scenes for control.
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