Rotana, a multimedia company operating a television network, radio network, film library and recording company in the Middle East, has just issued shares of stock, and they are being snapped up by Rupert Murdoch’s News Corp.
For $70M, News Corp. will hold 9.09% of the company, and it has an option to double that stake over the next 18 months.
Rotana, which is owned by Prince Alwaleed Bin Talal, and is headquartered in Saudi Arabia. It has interests in all types of media in addition to those mentioned above, including magazines and digital outlets.
James Murdoch, Chairman and Chief Executive, Europe and Asia, News Corporation, said: “A stake in Rotana expands our presence in a region with a young and growing population, where GDP growth is set to outstrip that of more developed economies in the years ahead. Rotana is a leading player in the Middle East and we look forward to working together.”