News Corp. Ups Rotana Stake

RIYADH: News Corporation has increased its holding in Prince Alwaleed bin Talal’s Middle Eastern media group Rotana to 14.5 percent from 9.1 percent for a reported $35 million.

Rotana operates across the TV, music and film arenas. News Corp. first invested in the firm last year, shelling out about $70 million for 9.1 percent and an option to increase its stake. It used 50 percent of that option to increase the holding to 14.5 percent. It has until November 2012 to exercise the remaining 50 percent option.

Alwaleed is quoted as saying in a statement: "Our partnership with News Corporation is further solidified. This reflects our position as one of the world’s most global Arab media companies, News Corporation’s continued confidence in Rotana management and the growth potential in this fast-growing Middle East region.”