Analyze the relationship between 'National Geographic Partners' and 'National Geographic' within the context of the input sentence.
Options: subsidiary, headquarters location, position held, brand

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.
subsidiary