News Corp to buy Rotana for $70m

Rupert Murdoch’s News Corp is reported to be buying television and media company Rotana for $70m. Th

Through this deal, News Corp plans to tap into the fast-growing advertising markets in the Middle East. The company also has an option to double its stake to 18.18 per cent in the next 18 months. Reports suggest that this might be a precursor to an initial public offering from Rotana.

Prince Talal already has a 7 per cent stake in News Corp through his investment vehicle, Kingdom Holding.

He reportedly said the deal would be a "qualitative leap" for the Arab world as it would give the region access to News Corp's television, film and internet experience.