Alwaleed to grow ties with News Corp
By Tarek El-Tablawy |
January 18, 2010, Monday
|
Print Edition
Print Edition
THE Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch's News Corp said he is looking to expand his alliances with the media giant, in the latest indication that his appetite for growth remains robust even as his company retrenches.
Prince Alwaleed bin Talal, a nephew of the Saudi king and who was listed last year by Forbes as the world's 22nd-richest person, met with News Corp's Chief Executive Rupert Murdoch last Thursday in a meeting that "touched upon future potential alliances with News Corp," according to a statement released by his Kingdom Holding Co on Saturday.
Media reports have indicated that News Corp, parent to Fox News and Dow Jones & Co, among others, may be thinking of buying a stake in Alwaleed's Rotana Media Group, which includes a number of satellite channels that air in the Middle East.
Neither company has commented publicly on the possible deal, but the talks offer an indication yet that such a deal may yet be in the offing.
Kingdom Holding's statement said Alwaleed is already the second-largest stakeholder in News Corp, with 5.7 percent of the shares of the media company. The stake is held through Kingdom Holding, in which Alwaleed holds a 95 percent stake.
The investment company has a diverse portfolio, ranging from hotels to shares in Apple, eBay and Citigroup.
Alwaleed and the investment firm were hit hard by the global slump.
He has since focused on shoring up borrowing power, in part through a recent decision to transfer 180 million of his shares in Citigroup to Kingdom Holding.
In a statement last week, he described the move - valued at about US$600 million - as key to facilitating future borrowing and growth.
Prince Alwaleed bin Talal, a nephew of the Saudi king and who was listed last year by Forbes as the world's 22nd-richest person, met with News Corp's Chief Executive Rupert Murdoch last Thursday in a meeting that "touched upon future potential alliances with News Corp," according to a statement released by his Kingdom Holding Co on Saturday.
Media reports have indicated that News Corp, parent to Fox News and Dow Jones & Co, among others, may be thinking of buying a stake in Alwaleed's Rotana Media Group, which includes a number of satellite channels that air in the Middle East.
Neither company has commented publicly on the possible deal, but the talks offer an indication yet that such a deal may yet be in the offing.
Kingdom Holding's statement said Alwaleed is already the second-largest stakeholder in News Corp, with 5.7 percent of the shares of the media company. The stake is held through Kingdom Holding, in which Alwaleed holds a 95 percent stake.
The investment company has a diverse portfolio, ranging from hotels to shares in Apple, eBay and Citigroup.
Alwaleed and the investment firm were hit hard by the global slump.
He has since focused on shoring up borrowing power, in part through a recent decision to transfer 180 million of his shares in Citigroup to Kingdom Holding.
In a statement last week, he described the move - valued at about US$600 million - as key to facilitating future borrowing and growth.
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