The new global venture will focus on media content, producing events to support content and spinning off television shows and other programming for new media platforms based on Hearst brands. In addition, Burnett's domestic and international production business will expand.

Scott Sassa, president, Hearst Entertainment and Syndication, will lead the new venture's board of directors along with Burnett.

"The most successful companies are those that can surround the consumer with world-class content based on their brands,” says Frank A. Bennack, Jr., chief executive officer of Hearst Corporation. “We see the media production business as a great opportunity to leverage Hearst's brands across platforms and continue our move into new businesses."

"Hearst's iconic brands will be an incredible creative addition for me and will translate perfectly into the vision for the future that Frank, Scott and I all share,” says Burnett. “In fact, we already have great projects in the works."