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FINANCIAL NEWS
News Corp invests USD35m in Rotana
13 May 2011
(MENAFN) News’ Corp. spokeswoman said that since the company would focus on increasing its presence in the Middle East, the media empire invested USD35 million to raise its stake in Rotana, the Saudi Arabian Media Group, reported The National.
The spokeswoman added that in 2010, News Corp. bought a 9.09 percent share in Rotana for USD70 million, and since then it agreed with Rotana to double the stake within eighteen months.
She also said that News Corp. which Fox International Channels broadcast twelve channels in the Middle East and North Africa, noticed that there would be a big potential market in the Middle East, where a large community with a single language and a very young population would provide the network with the opportunity to transfer technical, programming or content skills.
It is worth noting that Rotana is controlled by the Saudi billionaire Prince Alwaleed bin Talal bin Abdulaziz Al Saud. It is the world’s largest producer of Arabic music and a major distributor of Arabic-language films. It also has a number of free-to-air TV channels.
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