After 127 years under the ownership of a non-profit, big changes are coming to National Geographic: The magazines, websites and other media assets are being shifted to a new company majority owned by Rupert Murdoch's 21st Century Fox, with the non-profit National Geographic Society keeping a 27% stake in the new business.

National Geographic TV channels, which were already owned and operated by a joint-venture partnership between 21st Century Fox and the National Geographic Society, will also be shifted to the new venture.

21st Century Fox is paying $725 million to the National Geographic Society for the deal, meaning the non-profit will be sitting on an endowment of almost $1 billion once the transaction is completed.

In return, the National Geographic Society will hand over the bulk of its assets to a new joint-venture company, National Geographic Partners, that will be 73% owned by 21st Century Fox. Those assets, according to a statement, include "National Geographic magazines; National Geographic Studios; related digital and social media platforms; books; maps; children's media; and ancillary activities, including travel, location-based entertainment, archival sales, catalog, licensing and ecommerce businesses."

National Geographic Partners will be governed jointly by 21st Century Fox and the National Geographic Society, with each having equal representation on its board. The chair of the board will alternate annually, with National Geographic Society CEO Gary Knell set to be the first chairman.