Saudi Prince Alwaleed Cuts News Corp Stake

Rupert Murdoch - P - 2014
Associated Press

His company has reduced its holding in Rupert Murdoch's company from 6.6 percent to 1 percent.

Saudi Prince Alwaleed bin Talal has cut his stake in Rupert Murdoch's News Corp from 6.6 percent to 1 percent.

His Kingdom Holding Company sold about $188 million of its Class B stock in the media company.

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The company continues to own a 6.6 percent stake in Murdoch's entertainment company 21st Century Fox, which it said was worth approximately $1.7 billion at current market prices. Alwaleed has been the second-largest shareholder in the company.

“During its portfolio review last year, KHC decided to reduce the size of its investment in News Corp via an orderly disposal program,” Kingdom Holding Company said in a statement.

Said Alwaleed: "The reduction of KHC’s holding in News Corp has been decided in the context of a general portfolio review. We remain firm believers in News Corp’s competent management, led by CEO Robert Thomson, and are fully supportive of Rupert Murdoch and his family. Our investment in 21st Century Fox constitutes a solid foundation for our long-standing relationship that we expect will endure. Twenty-First Century Fox owns a 19 percent stake in Rotana Group that I own independently from Kingdom Holding."

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Prince Alwaleed's company also owns stakes in such companies as Twitter and theme park operator Euro Disney.

Twitter: @georgszalai