News Corp. in talks for Rotana Media buy

Deal would mark firm's first major Middle East investment

NEW YORK -- News Corp. is in talks with Saudi billionaire Prince Alwaleed bin Talal to take a stake in Rotana Media, according to a news report Wednesday.

The move would mark the media and entertainment giant's first major investment in the Middle East.

A News Corp. spokesman in New York declined comment.

News Corp. may buy a 20% stake in Rotana from Prince Alwaleed, the news report said. Financial details weren't immediately available.

Rotana hosts Fox channels in Saudi Arabia and owns rights to more than 2,000 Arabic movies plus a music library.

Alwaleed's Kingdom Holding held a 5.7% stake in News Corp. as of last year.

The report of the talks came from Zawya Dow Jones News, a financial news service created a few years ago by Mideast business information provider ABQ Zawya and Dow Jones Newswires, which is part of News Corp.'s Dow Jones unit.
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