Thursday, Aug 09, 2007
BEIRUT (Zawya Dow Jones)--Rotana satellite television, owned by Prince Alwaleed Bin Talal, announced Wednesday that it is merging with Lebanese Broadcasting Corporation Satellite, or LBC Sat, the London-based daily Asharq Al Awsat reported Thursday.
Alwaleed also owns a 49% stake in LBC Sat.
The paper quoted a statement as saying that the two entities - Rotana and LBC Sat - will remain organizationally and financially independent; however, they will form a unified platform to better suit the audience.
The paper didn't give any financial details about the deal.
Pierre El Daher, LBC chairman and CEO, will manage both Rotana and LBC Sat in line with the agreement.
Daher told Asharq Al Awsat that the aim behind the merger is to list the TV station on the bourse, the process which requires procedure and time.
A statement issued by Reuters said that the TV station will be listed on UAE bourses and not on Saudi Tadawul.
LBC Sat is considered to be one of the leading Arab television stations.
Newspaper Web site: www.asharqalawsat.com
-By Beirut Bureau, Zawya Dow Jones, +961 1 985757, BeirutZDJ@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
09-08-07 0400GMT
