Prince Alwaleed bin Talal’s Rotana to Sell Stake to News Corp
News Corp has agreed to buy a 9.09% stake in Saudi billionaire Prince Alwaleed bin Talal’s Rotana television and media empire for $70m (£45m), marking its first major investment in the Middle East.
Rotana, which hosts News Corp’s Fox channels in Saudi Arabia, owns the rights to more than 2,000 Arabic movies and the world’s largest Arabic language music library. News Corp has the option to increase its holding to 18.18%. This agreement increases the links between News Corp and Prince Alwaleed, who with a 7% stake is the biggest shareholder in News Corp outside of the Murdoch family.
Rotana Group’s Chairman Prince Alwaleed said during a press conference in Riyadh on February 23, that the deal would be a “qualitative leap” for the whole of the Arab world because it would give the region access to News Corp’s television, film and internet experience.
Over the past two decades Prince Alwaleed, through his Riyadh-listed conglomerate Kingdom Holding Co., has focused his investments on banks, hotels and media firms. The tycoon Prince’s investments on Wall Street and around the world have plummeted since the onset of the economic crisis.Filed under Saudi Arabia
Tagged Finances, Media, Prince Alwaleed bin Talal of Saudi Arabia.