Take context from the input text and decide on the accurate relationship between 'National Geographic Partners' and 'National Geographic' from the options provided.
Options: brand, headquarters location, subsidiary, position held

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