Shine Group CEO and chairman Elisabeth Murdoch and New Regency's co-chairmen Bob Harper and Hutch Parker will head the jointly owned venture while Shine's wholly owned subsidiary Kudos Pictures led by Paul Webster and Stephen Garrett, will run the venture for Shine in London.
Shine Pictures will draw on a 'substantial' development fund and maximise Shine Group's close ties with the UK talent pool, New Regency's marketing expertise and the worldwide distribution network of 20th Century Fox.
'We are excited by this new venture and the potential it brings the Shine Group,' Murdoch said. 'This deal will give Kudos the opportunity to play on a bigger stage, aided by the complementary skills, assets and insights of our partners at New Regency.'
'Our new partners Shine Group have a proven track record in attracting and developing talent on a global scale,' Harper said. Parker added that the new venture created 'a powerful new bridge to the global market place and reflects the truly international nature of our business.'
'[This venture] is about collaborating with the best writers and directors from around the world to maximise their creative and commercial potential,' Kudos joint managing director Garrett and Webster said.
'We've been looking for the right strategic partners for some time. This new relationship with New Regency is thrilling in many ways, but in particular it will allow us to fulfill our creative ambitions globally.'
Murdoch founded Shine Group in 2001. The company's stable includes the US television company Reveille and Princess Productions and its library contains Ugly Betty, The Office, The Tudors, Sugar Rush and Life On Mars.
Kudos Pictures' credits include Eastern Promises with Viggo Mortensen, Naomi Watts and Vincent Cassel and Miss Pettigrew Lives For A Day starring Frances McDormand and Amy Adams.
New Regency has produced such films as JFK, Heat, Mr And Mrs Smith, Fight Club, L.A. Confidential and Big Momma's House.