SAUDI ARABIA. Rupert Murdoch's News Corp. (NWSA) has raised its stake in Rotana, the media company controlled by Saudi billionaire Prince Alwaleed bin Talal, to 18.97% from 14.53%, The National reported, citing an unidentified spokeswoman.
News Corp. increased its stake in Rotana, which runs several television and radio stations, by exercising the remaining half of an option to buy new shares issued by Rotana for US$35 million, the Abu Dhabi-based newspaper said, citing the Rotana spokeswoman.
Rotana, which is majority owned by Alwaleed, operates one of the largest TV networks and ad sales operations in the region and owns the largest Arabic film library. It has also built the leading record label in the Middle East, managing many of the most popular artists in the region and controlling the biggest Arabic music catalogue.
Rotana Group is a diversified media company in the Middle East. It is the world’s largest producer of Arabic music and a key distributor and producer of Arabic movies with a library comprising more than 1,600 movies.
Rotana also owns a bouquet of leading free-to-air TV channels including LBC Group, Cinema, Khalijiyah, Masryiah, Clip and Musica broadcasting the latest Arabic movies, series and music videos globally.
The Rotana Group employs over 1,100 employees located across the Middle East.