News Corp buys $70m stake in Alwaleed’s Rotana

24 Feb 2010

(MENAFN) Global media giant News Corp announced that it has bought a 9.09-percent stake in Rotana entertainment, which is controlled by Saudi Prince Alwaleed Bin Talal, Reuters reported.

News Corporation agreed to invest $70 million in the Rotana Group unit, and has the option to increase its stake to 18.18 percent within the next 18 months.

Alwaleed’s Kingdom Holding Company is owner of about 7.0 percent of News Corp’s class B common stock.

Rupert Murdoch’s News Corp earlier this month agreed to sell its Bulgarian terrestrial TV business, bTV, for $400 million in cash to leading regional broadcaster CME.

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