News Corp. seeks stake in Saudi media company: WSJ

A general view shows the Saudi capital Riyadh
A general view shows the Saudi capital Riyadh. News Corp. is in talks with Saudi tycoon Prince Alwaleed bin Talal to take a stake in Rotana Media in what would be its first major investment in the Middle East, The Wall Street Journal reported on Wednesday.

News Corp. is in talks with Saudi tycoon Prince Alwaleed bin Talal to take a stake in Rotana Media in what would be its first major investment in the Middle East, The Wall Street Journal reported on Wednesday.

The newspaper, citing "people familiar with the deal," said News Corp. may buy a 20 percent interest in Rotana from Prince Alwaleed, who controls Saudi conglomerate Kingdom Holding Co.

The News Corp.-owned Journal said a formal bid valuing the stake is expected this month.

The newspaper said Rotana, which hosts the channels of News Corp.-owned Fox in Saudi Arabia via its television network, owns rights to more than 2,000 Arabic movies and a large music library.

The Journal said that as of last year, Kingdom Holding held a 5.7 percent stake in News Corp. and has "long-established business links" with the family of . chairman .

(c) 2009 AFP


Explore further

News Corp. seeking to form online news consortium: LAT

Citation: News Corp. seeks stake in Saudi media company: WSJ (2009, September 2) retrieved 11 December 2019 from https://phys.org/news/2009-09-news-corp-stake-saudi-media.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments