Murdoch in talks for Saudi media stake

News Corp is in talks with Saudi billionaire Prince Alwaleed bin Talal to take a stake in Rotana Media, marking its first major investment in the Middle East, according to people familiar with the deal.

The company, headed by Rupert Murdoch and publisher of this news wire, may buy a 20 percent interest in Rotana from Prince Alwaleed, who controls Saudi conglomerate Kingdom Holding Co, a person involved with the deal told the news agency Zawya Dow Jones.

It's not clear at this stage whether the deal will be for existing stock, or new shares. A formal bid valuing the stake is expected this month, the person said, without giving specifics on price.