Reality program creator Mark Burnett has entered into a joint-venture partnership with Hearst Corp., which will take a 50% interest in Burnett’s company, reports The New York Times’ Media Decoder blog.
The venture also gives Hearst a 50% stake in all future programs produced by Mark Burnett Productions, the story says. Hearst won’t gain ownership of Burnett’s two long-established reality shows, "Survivor" and "The Apprentice," however. Financial terms weren’t disclosed.
The capital will help Burnett create new projects, he told the publication. "Obviously this was a choice, not a need for me,” Burnett said. He added he likes Hearst because it’s a well-known brand with properties that could offer opportunities, such as its cable networks, including Lifetime, the piece notes.