Media and Arts

News Corp buys into Saudi media empire

Rupert Murdoch's News Corp has agreed to buy a 9.09 per cent stake in Saudi billionaire Prince Alwaleed bin Talal's Rotana television and media empire for US$70 million (£45m). The acquisition is News Corp's first major investment in the Middle East, a region it has earmarked due to its growing and affluent media market. James Murdoch, News Corp's head of Europe and Asia, said: "A stake in Rotana expands our presence in a region with a young and growing population," where economic growth "is set to outstrip that of more developed economies in the years ahead". Rotana, which hosts News Corp's Fox channels in Saudi Arabia, owns the rights to more than 2,000 Arabic movies and the world's largest Arabic language music library. News Corp has the option to increase its holding to 18.18 per cent. Prince Alwaleed said the deal would be a "qualitative leap" for the whole of the Arab world because it would give the region access to News Corp's television, film and internet experience. The move increases the links between News Corp and Prince Alwaleed, who with a 7 per cent stake is the biggest shareholder in News Corp outside of the Murdoch family.

Saudi Arabia awards 2nd FM license

Saudi Arabia's Extreme Creativity Trade Holdings has been awarded a license for private FM radio in the kingdom by the ministry of culture and information, Saudi press agency has reported. The private firm has paid SR66m for the kingdom's second of five licenses.