Dec 19 2011 |
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Saudi Prince buys Twitter stake
Saudi Arabia's billionaire Prince Alwaleed bin Talal, unveils $300 million stake purchase in fast-growing microblogging site Twitter
The joint investment with Alwaleed's Kingdom Holding Co. follows months of negotiations and represents a strategic stake in Twitter, according to the Riyadh, Saudi Arabia-based investment firm.
Alwaleed, who has a long history of investing in media and technology, said the deal represents an interest in investing "in promising, high-growth businesses with a global impact."
"We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend," Ahmed Halawani, KHC 's executive director of private equity and international investments, said in a statement.
Alwaleed is in the process of launching a new Arabic news channel that will challenge established players such as Qatar's Al-Jazeera and Saudi-funded Al-Arabiya. The channel, which will be called Alarab, is expected to begin operations next year and will feature reports from business news service Bloomberg LP. Alwaleed has said he hopes the new network will focus on the shifts taking place across the Arab world, with an emphasis on freedom of speech and of the press. KHC also owns a sizable stake in a Saudi media company that publishes the influential Arabic newspaper Asharq al-Awsat and other publications.
© 7Days 2011
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