News Corp. has agreed to buy a 9.09% stake in Rotana Group, a Middle East media and entertainment company, for $70 million.
The new acquisition, which has been in the works for more than a year, according to PaidContent, spreads News Corp.’s holdings in the Middle East, “where GDP growth is set to outstrip that of more developed economies in the years ahead,” James Murdoch, chairman and chief executive for Europe and Asia at News Corp., said in a statement.
Rotana, owned by Saudi Arabia’s Prince Alwaleed Bin Talal, is a media giant that runs a TV network, major record label, radio network and ad sales unit in the area. It also also manages music artists and has the largest library of Arabic films, according to News Corp.
“We are set to gain deep experience from News Corp … on television, movie production and technology,” Prince Alwaleed bin Talal, told a press conference, according to Reuters.
“They own MySpace … We can learn from this, the new media field,” Alwaleed added.
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