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FINANCIAL NEWS
News Corp acquires stake in Dubai’s Moby Group
19 Jan 2012
(MENAFN) US News Corporation’s deputy COO, James Murdoch, said that the firm would purchase a minority stake in the Dubai-based Moby Group, a media company, reported The National.
Murdoch added that the US firm owns a 50 percent shareholding in Broadcast Middle East (BME), a joint venture between News Corp and Moby Group that specializes in Farsi-language TV stations, adding that his company would trade its shareholding in BME for a minority stake in Moby Group; moreover, following the investment, BME would become a wholly-owned subsidiary of Moby.
He also said that News Corp would finance expansion of Moby Group, which has operations in Afghanistan, Central Asia and the Middle East.
It is worth noting the Moby Group manages media brands in Afghanistan, including Tolo TV and Lemar TV, in addition to several radio stations and print publications.
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