Monday 14 December 2009

News Corp close to sealing Rotana deal

News Corp is in the final stages of closing a deal to buy at least a 10 per cent stake in Rotana Media and could complete the acquisition next month, a senior executive at Rotana said on Saturday.

“The deal is 99 per cent finished, not yet final, and will be announced … in January,” said Nezar Nagro, the president of Rotana Media Services.

Mr Nagro said the agreement is for News Corp to buy 10 per cent of the existing shares of Rotana, which is owned by Prince Alwaleed bin Talal of Saudi Arabia.

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