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FINANCIAL NEWS
News Corporation increases stake in Saudi Rotana to 18.97%
17 May 2012
(MENAFN) US News Corporation announced that it boosted its stake in Saudi Rotana Group from 14.53 percent to 18.97 percent, reported Arabian Business.
Rupert Murdoch’s firm added that it paid USD35 million for the new shares in the Arab world’s largest media group.
Moreover, the move represents a major step for the company to enhance its presence in the Middle East as Rotana owns around 40 percent of the region’s movies, and runs several free-to-air television channels.
It is worth mentioning that the deal was announced after a meeting of the Rotana board chaired by Rotana Holding’s chairman, Prince Alwaleed Bin Talal.
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