The nonprofit National Geographic magazine will soon become a for-profit publication, after a $725-million deal expanding 21st Century Fox's ownership closes later this year, The Huffington Post reports.
The National Geographic Society, which will remain a nonprofit, will have a 27-percent stake in the publication. The deal will allow the society's endowment to increase to nearly $1 billion, and the organization will double its spending on science, research, and educational programs.
A board made up equally of members from Fox and National Geographic will run the new entity, National Geographic Partners. Declan Moore, who most recently served as chief media officer, will be the chief executive.