Monday, 26 April 2010
Saudi Prince Alwaleed bin Talal plans to sell a stake in media company Rotana Holding to the public within two years as the billionaire prince expands his entertainment, music and news business in the Middle East.
“An IPO will be happening in the coming two years,” Alwaleed said in an interview with Bloomberg TV in Riyadh. He added that “we need to brand the company very well before going into an IPO.”
Rotana, which produces Arabic and English television programs and publishes an entertainment magazine, is expanding to meet rising demand for entertainment and news in Saudi Arabia, the Arab world’s biggest economy, and the Middle East. Rotana in February agreed to sell a 9.1 percent stake to Rupert Murdoch’s News Corp. for $70 million as the company seeks television, movie, production and technology expertise.