News Corp. Ups Rotana Stake

HONG KONG: News Corporation has purchased newly issued shares in Saudi Prince Al-Waleed bin Talal’s Rotana Group for $35 million, upping its stake in the Middle Eastern media company to 18.97 percent from 14.53 percent.

News Corp. first invested in Rotana in February 2010, taking a 9.09-percent interest and options to increase its stake. In May 2011 it exercised the first half of that option, upping its ownership to 14.53 percent. The latest transaction sees News Corp. exercising the remaining half of its option.

Rotana operates a slate of channels in the Middle East—including, in partnership with FOX International Channels, the FOX entertainment network—and owns radio, music, publishing and production assets.