News Corp. Eyes Middle East Media Foray
DUBAI (
) --
News Corp.
(NWS) - Get Report
is in talks to buy a stake in
Rotana Media
, which would mark the media conglomerate's first major investment in the Middle East, the
Wall Street Journal
reports, citing people familiar with the deal.
News Corp. may buy a 20% interest in Rotana from Saudi billionaire Prince Alwaleed bin Talal, who controls Saudi conglomerate
Kingdom Holding
, the
Journal
reports. As of last year, Kingdom held a 5.7% stake in News Corp.
The
Journal
says it isn't clear at this stage whether the deal will be for existing stock or new shares. A formal bid valuing the stake is expected this month, a person told the newspaper, without being specific on price.
A stake in Rotana could help News Corp. expand its presence in the Middle East as advertising revenue slips in its U.S. and European markets, the
Journal
notes.
Rotana hosts Fox channels in Saudi Arabia via its TV network and owns rights to more than 2,000 Arabic movies and a large music library, according to the newspaper.
-- Reported by Joseph Woelfel in New York
.
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