Utilize the input text as a context reference, choose the right relationship between National Geographic Partners and National Geographic from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Following the formation of this joint venture, National Geographic Partners will not only operate National Geographic television channels but also manage all other National Geographic Media operations including the video studio, books, cable networks, maps, catalog, children’s media, licensing, e-commerce businesses and the iconic yellow-bordered magazine.

Answer: subsidiary