Rotana board discusses News Corp tieup
Riyadh, August 24, 2010
The top management of Saudi-based media group Rotana met under the chairmanship of Prince Alwaleed bin Talal bin Abdulaziz Alsaud to discuss the latest developments at Rotana after its strategic alliance with global media giant News Corp.
The meeting, which was attended by Dr Waleed Arab Hashem, vice chairman and Fahad Alsukait, CEO, discussed ways to strengthen the strategic alliance with News Corp.
According to a company statement, Newscorp bought a 9.09 per cent stake in Rotana Group in February to further develop its postion in the media sector in the Middle East and expand it horizon.
Under the terms of the agreement, Rotana said the News Corporation would acquire newly-issued shares in Rotana for $70 million. News Corp has an option to boost its stake to 18.18 per cent in the 18 months following completion.
Pierre Daher, president of Rotana TV Channels, and the members and representitives from News Corporation including Marc Heller, Gary Davy besides Charlotte Burr, vice president of Star Group and Michael Nelson, CFO of Rotana also attended the meeting.
Prince Alwaleed has a strong presence and influence in media through his investments in media and entertainment in the Arab world, and beyond like the Saudi Research and Marketing Group (SRMG), News Corporation and Rotana Holding, said a company statement.
Within a short period, Rotana has become the owner of the largest Arabic film library and Arabic music archive, it added.
Rotana distributes, produces, and manages many of the most popular Arab artists in the region and also owns a bouquet of leading channels and employs over 1,300 employees located across the Middle East.
Recently, Rotana Group won the third FM radio licence in Saudi Arabia for SR67 million.
In addition, Prince Alwaleed recently annouced the launch of a new news channel to be headed by Jamal Khashoggi.
Kingdom Holding Company, the principal shareholder of the Rotana Group, is owner of approximately 7 percent of News Corporation’s Class B Common Stock. It has a 29.9 per cent share of the SRMG.
The publications that fall under SRMG include Asharq Al Awsat, Al Eqtisadiah, Arab News, Hia magazine, Al Majalla magazine, Arrajol magazine and Sayidati magazine. Furthermore, other entities that fall under SRMG are Al Khaleejiya for Publicity Advertising and Public Relations and Al Madina Printing and Publishing Company.-TradeArabia News Service
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