Fox Plans Joint Venture with Apollo

21st Century Fox confirmed Thursday that it is planning to form a TV production joint venture with Apollo Global Management, combining Fox’s Shine Group with Apollo’s Endemol and Core Media Group.

Shine produces and distributes shows in 11 countries including “The Biggest Loser” and “MasterChef”; Core Media owns “American Idol”; and Endemol produces a range of shows including “Big Brother,” “Deal or No Deal” and “Wipeout.”

Combining the three companies would allow the new business to obtain independent financing and reduce production costs, a Fox spokesman told Bloomberg.

The conditions of the partnership still have to be worked out, and Fox was clear in stating that there is no assurance at this point that the deal will go through.