National Geographic after 125 years of existence has decided to change its character from not-for-profit enterprise to a profit making enterprise.
The first National Geographic Magazine was published in 1988. Today it has a reach of 700 million people via magazine, TV, online. Now the National Geographic Society has decided to sell 73% of its stake to 20th Century Fox owned by Rupert Murdoch. The deal is valued at $725 million US dollars for the 73% stake.
The new entity called National Geographic Partners will have equal representation in the board by 20th Century Fox and National Geographic Society. I am wondering whether the new entity will fund projects the way they used to do earlier instead of looking for profits from that assignment.
Renowned wildlife photographer Michael "Nick" Nichols of National Geographic says "Me and my colleagues are shaken by this. What does it mean? When this is added to the immense change in the media landscape over the last ten years, it feels like the last straw in a long series of declines for photographers like myself who came out of publishing in print and got paid do it." He is currently shooting his last assignment for National Geographic. He says "This is not a farewell, but it is a break. maybe just to breathe and see where we are going".
What do you all think?