Prince acquires 49 percent of station. Saudi tycoon will add purchase to large portfolio of interests.
Saudi Prince Alwaleed bin Talal acquired 49 percent of LBC SAT at a cost of around $98 million.
In a signing ceremony at LBC SAT’s new studios in Adma, Kesrouan, Alwaleed told reporters that he considers LBC SAT to be the leading television station in the Middle East.
The contract was signed by Alwaleed, the chairman of Saudi Arabia’s Kingdom Holding company, and the chairman of LBC SAT, Pierre Daher.
Alwaleed bought the 49 percent stake from media tycoon Sheikh Saleh Kamel, the chairman of ART television station.
“LBC SAT became even stronger after it went into partnership with leading Arabic language newspaper Al-Hayat,” Alwaleed said, adding that LBC SAT was one of the main sources of news in the Arab world.
He said that the acquisition of LBC SAT is a major boost to Kingdom Holding’s portfolio.
The market value of LBC SAT is estimated at $200 million.
Founded in 1996, LBC SAT has the largest number of viewers in the Arab world, according to media experts.
Daher said that Alwaleed won the contract after fierce competition from a number of rivals.
Alwaleed stressed that he has no intention to change the policy of LBC SAT.
“I am very pleased with Daher’s running of LBC SAT. Why should I make changes to a successful station,” Alwaleed said.
As one of the Arab world’s foremost investors, Alwaleed has a wide range of interests in the Arab countries, Europe, the United States and Asia.
In his impressive portfolio, Alwaleed has six percent of Rupert Murdoch’s News Corporation, 17.3 percent of Disney Land Paris, a stake in Time Warner, another in the Walt Disney Company, a 20 percent stake in the Planet Hollywood chain, a share of the Rotana audiovisual company and many shares in a number of Arab newspapers.
Alwaleed also has huge number of investments in Lebanon, including the Movenpick Hotel.
He also plans to build the Four Seasons Hotel in Down town Beirut.
“Kingdom Holding has more than 10 investments and humanitarian projects in Lebanon and we hope that these projects will help boost the Lebanese economy,” Alwaleed said.
According to Forbes Magazine, Alwaleed is one of the richest people in the world with a fortune estimated at more than $18 billion.
The announcement of the deal between Alwaleed and Daher comes on the eve of the launch of the new Arabic program Star Academy, which is produced by Production Acquisition Company.
Some political observers consider Alwaleed a likely candidate for the post of the Lebanese premiership in the future, although the prince has never confirmed or denied his desire to take-up this post.
Asked if he is interested in becoming the prime minister of Lebanon, Alwaleed jokingly responded, “I am currently interested in LBC SAT.”
Osama Habib
© The Daily Star 2003
