Hong Kong and New York – News Corporation has exercised the remaining half of its option to increase its stake in diversified media company Rotana Group, owned by Saudi billionaire Prince Alwaleed bin Talal, to 18.97 percent from 14.53 percent by purchasing newly-issued shares in Rotana for $35 million.

The transaction follows News Corporation’s acquisition of a 9.09 percent stake in Rotana Group in February 2010 and its exercising of the first half of its option to raise the shareholding to 14.53 percent in May 2011.

News Corporation is a diversified global media company with operations in cable network programming, filmed entertainment, television, direct broadcast satellite television, and publishing, among others.