Rupert Murdoch’s News Corp has bought 9.09% of the Middle Eastern media group Rotana for US$70m. The investment values Rotana, which is owned by Saudi Prince Alwaleed Bin Talal, at US$770m. Alwaleed himself owns a 7% stake in News Corp through his…
Rupert Murdoch’s News Corp has bought 9.09% of the Middle Eastern media group Rotana for US$70m. The investment values Rotana, which is owned by Saudi Prince Alwaleed Bin Talal, at US$770m. Alwaleed himself owns a 7% stake in News Corp through his investment vehicle Kingdom Holding.
The deal offers News Corp an option to double its stake within 18 months. Citigroup advised Rotana, while News Corp was advised by Nomura.
Rotana operates 11 free-to-air TV stations which are distributed over cable and satellite.