News Corp. Acquires Interest in MOBY Group


LONDON/DUBAI: News Corporation has purchased a minority share in the Dubai-based MOBY Group, which operates brands in Afghanistan such as Tolo TV and Lemar TV. 

News Corp will contribute its 50-percent shareholding in Broadcast Middle East (BME), its Farsi-language joint venture with MOBY, for a minority share in MOBY and will also provide capital for its expansion plans. Following the transaction, BME will be wholly owned by MOBY. 

Through BME, News Corp. and MOBY have launched the Farsi-language channels FARSI1 and Zemzmeh. MOBY will continue to be chaired by Saad Mohseni, while Zaid Mohseni will continue to serve as CEO of BME.

James Murdoch, the deputy COO and chairman and CEO for international at News Corporation, said, “Merging our Farsi joint venture into MOBY allows us to expand our activities with what is surely one of the most dynamic and exciting media businesses in emerging markets anywhere. The Mohsenis are true pioneers and we are pleased to be able to invest alongside them in these challenging, yet very promising markets.”

Mohseni added, “We are delighted to have in News Corporation both a partner with a long track record of growing entrepreneurial, innovative businesses and an investor that sees value in entering parts of the world which many media organizations have not traditionally looked to. Today’s agreement both recognizes the value we have created together in Broadcast Middle East and enables us to continue to grow MOBY for the future."