• by David Goetzl  @dgoetzl, April 11, 2011

While a larger production company may have been the most likely suitor to take a notable stake in Mark Burnett's flourishing outfit, magazine owner Hearst Corp. said it has launched a joint venture with Burnett and taken a "substantial" interest in his business. The amount was not disclosed. 

Hearst said Burnett's company wants to capitalize on Hearst's brands, which include Cosmopolitan and Esquire, for TV shows and new-media ventures. The two will also produce events related to the content. The joint venture hopes to bolster Burnett's existing and traditional domestic and international syndication businesses. Hearst does own a slew of TV stations, giving Burnett access to a traditional distribution platform.

One sign that Hearst's stake is substantial is that TV veteran Scott Sassa, president of Hearst Entertainment and Syndication, will co-head the joint venture's board with Burnett.

Burnett became a Hollywood show-running phenomenon with CBS' "Survivor" and NBC's "The Apprentice." Some believe he continues to get shows on the air by attaching his name as a producer.

"'Survivor' is to nonfiction what 'I Love Lucy' is to sitcoms; it is the starting point for all of today's storyline-based unscripted shows," Sassa stated. "This venture provides Mark a platform and freedom to continue and grow his unique type of innovation. "Together, we have a vision to create shows that have 360-degree businesses built around them," he added. "We will create businesses around every screen that are both in- and out-of-home experiences, and linear and interactive in nature."

With magazines looking to move beyond sellers of pages into marketing solutions operations, Hearst CEO Frank Bennack, Jr. stated that successful companies "can surround the consumer with world-class content based on their brands." He added that the media production business is an opportunity to "leverage Hearst's brands across platforms and continue our move into new businesses."