Feb 12 2012 |
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Rotana Board Members Meet with James Murdoch in New York
Prince Alwaleed & Newscorp Reaffirm Support for Rotana
Prince Alwaleed and Mr. James Murdoch discussed various issues related to Rotana, Newscorp. and Kingdom Holding Company ( KHC ). Also during the meeting Prince Alwaleed and Mr. Murdoch reaffirmed their support for Rotana.
Rotana Group announced that News Corporation has reached an agreement to exercise 50 percent of its previously announced option in Rotana Group, the Middle East media group. Under the terms of the agreement, News Corporation will acquire newly-issued shares in Rotana for $35 million. The investment will take News Corporation's total stake in Rotana to 14.53 percent. News Corporation retains the right to exercise the remaining 50 percent of the option until November 2012.
In 2008, Prince Alwaleed and Mr. Rupert Murdoch formed an alliance in the presence of Mr. James Murdoch to bring Fox Movies to the Arab World through a partnership between Rotana and News Corporation. Furthermore in 2008, Mr. James Murdoch visited Riyadh to meet with Prince Alwaleed. During his trip, Mr. James Murdoch visited Rotana offices, various KHC local projects, and the Saudi Research and Marketing Group (SRMG). KHC acquired 29.9% share of SRMG. The publications that fall under SRMG include Asharq Al Awsat, Al Eqtisadiah, Arab News, Hia magazine, Al Majalla magazine, Arrajol magazine and Sayidati magazine. In addition, other entities that fall under SRMG are Al Khaleejiya for Publicity Advertising and Public Relations and Al Madina Printing and Publishing Company. Also during Mr. Murdoch's visit, Prince Alwaleed hosted a luncheon in his honor at HRH's Kingdom Resort, and on the following day Prince Alwaleed hosted a dinner in honor of his guest at the desert camp. Moreover, in the same year Prince Alwaleed was received by Mr. Rupert Murdoch at News Corporation company's headquarters in New York during a business luncheon.
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© Press Release 2012
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