Rotana wins nod for expansion, restructuring
Riyadh, September 18, 2013
Rotana Group, a diversified media company in the Middle East which is majority owned by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has won approval from board members for its expansion and restructuring plans.
The company announcement came following a board meeting in Riyadh held under the chairmanship of Prince Alwaleed, where the members reviewed the group's strategic plans for 2013.
Those at the meeting included Rotana vice chairman Dr Walid Arab Hashem, CEO Fahad Alsukait and Nada Alsugair, the board member and executive director, Finance and Administration, Alwaleed's Private Office besides representatives from 21 Century Fox including Gary Davy and Charlotte Burr, the head of strategy and development, Asia Pacific.
Rotana Group chief financial officer John Ireland, Rotana TV Channels president Turki Alshabanah, Rotana Media Services president Nezar Nagro and chief legal officer & general counsel James Ward.
During the meeting, the board members reviewed and discussed the strategic plans for the year along with the operating and financial budget. They backed the latest developments of Rotana and also approved the expansion and restructuing plans.
Rotana operates one of the largest TV networks and ad sales operations in the region and also is the owner of the largest Arabic film library.
The group 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.
Furthermore, Rotana has radio stations, a chain of cafes and its own magazine. It also operates a leading regional advertising sales arm (Rotana Media Services), responsible for advertising sales on its TV channels as well other media businesses in the region.
The media group 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. Moreover, 21 Century Fox owns 19 per cent stake in Rotana.-TradeArabia News Service