London – News Corporation announced that it has reached an agreement to buy a 9.09 percent stake in Rotana Group, the Middle East media group. Under the terms of the agreement, News Corporation will acquire newly-issued shares in Rotana for $70 million. The company has an option to increase its stake to 18.18 per cent in the 18 months following completion. The acquisition extends News Corporation’s presence in fast-growing Middle East markets in partnership with one of the region’s strongest media companies. Rotana, which is owned by HRH Prince Alwaleed Bin Talal, operates one of the largest TV networks and ad sales operations in the region and owns the largest Arabic film library. Additionally, it has 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. Rotana also operates an expanding radio network and a wide array of digital services.
Ad – Before Content
Related Articles
- Planet Fungi and Escapade Media join forces to unleash new docu Follow The Rain
- CBC/Radio-Canada announces preliminary coverage plans of host lineup for the Olympic Games Paris 2024
- Comcast takes a big, timely swing at holistic prepaid connectivity with NOW brand launch, says GlobalData
- Keshet International boards ITN Productions’ 2024: 100 Days that Rocked the Royals
- Hitomi partners with ES Broadcast Hire for US rentals
- Anastasia Nyrkovskaya Named Chief Executive Officer of Fortune Media