Thursday, Jul 21, 2011
(This item was originally published Wednesday.)
DOW JONES NEWSWIRES
Saudi investor Prince Alwaleed bin Talal, one of the largest shareholders in News Corp. (NWS), said Wednesday that he continues to support the media company's Chief Executive Rupert Murdoch and son James following questioning by U.K. officials over their knowledge of the phone-hacking scandal at the News of the World newspaper.
"I continue to see News Corp. as a valuable and long-term investment and remain both supportive and confident in the leadership of Rupert and James Murdoch," Prince Alwaleed in an emailed statement. James Murdoch is News Corp.'s deputy chief operating officer.
Prince Alwaleed's Kingdom Holding Co. firm owns a stake in News Corp. that amounts to 7% of voting shares. News Corp. owns a 14% stake in Prince Alwaleed's media company, Rotana. News Corp. also owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal.
Prince Alwaleed's comments follow the Murdochs' appearance before the U.K. Parliament's Culture, Media and Sport committee Tuesday. During the roughly three-hour session, Rupert Murdoch apologized to victims of phone hacking at the News of the World newspaper and called it "the most humble day of my life."
"Rupert Murdoch and his son, James, answered all questions posed by MPs with full honesty and integrity," Prince Alwaleed said.
Prince Alwaleed called the allegations of phone hacking "unacceptable practices.
"I commend my friends and partners Rupert and James for addressing these serious issues head on, cooperating fully with the official inquiries and taking the appropriate steps to bring ethical reform to News Corp.," he wrote.
News Corp.'s more widely held Class A shares rose 14 cents to $15.93 Wednesday.
-By George Stahl, Dow Jones Newswires; 212-416-2182; george.stahl@dowjones.com
(END) Dow Jones Newswires
21-07-11 0401GMT
