Prince Alwaleed Received by Rupert Murdoch, Chairman & CEO of News Corporation in a Business Meeting in NY
Strategic Alliance Between Prince Alwaleed & Mr. Murdoch
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) met with Mr. Rupert Murdoch Chairman and CEO of News Corporation (News Corp.) at the company’s headquarters in New York on Thursday 14th January, 2010.
The meeting began as Prince Alwaleed and Mr. Murdoch discussed economic and investment issues especially in the media sector and the two discussed Rotana and LBCSAT 90% owned by HRH. Moreover, the meetings touched upon future potential alliance with News Corp.
In 2008, Prince Alwaleed and Mr. Rupert Murdoch formed an alliance in the presence of Mr. James Murdoch, Chairman and CEO, Europe and Asia, News Corporation, to bring Fox Movies to the Arab World through a partnership between Rotana and News Corporation.
Last year, Rotana Media Group (RMG) owned by Prince Alwaleed, and Fox International Channels (FIC), the international television channels arm of Rupert Murdoch’s News Corporation announced that viewers in the Middle East and North Africa region will have access to more of the world’s best family entertainment after signing a multi-year output deal with The Walt Disney Company – Europe, Middle East and Africa. This collaboration provided a compelling proposition to Rotana’s bouquet of offerings to viewers and the trade community across the Middle East region.
Moreover, Prince Alwaleed was received by Mr. Rupert Murdoch at News Corporation company’s headquarters in New York during a business luncheon in 2008.
In 2005, HRH announced his support for Murdoch by converting KHC’s non-voting shares to voting shares. HRH has a 5.7% (voting shares) in News Corp. and KHC that is 95% owned by Prince Alwaleed, is the second largest shareholder in News Corp.
Furthermore in 2008, Mr. James Murdoch visited Riyadh to meet with Prince Alwaleed. During his trip, Mr. James Murdoch visited Rotana offices, various KHC local projects, and the Saudi Research and Marketing Group (SRMG). KHC acquired 29.9% share of SRMG. The publications that fall under SRMG include Asharq Al Awsat, Al Eqtisadiah, Arab News, Hia magazine, Al Majalla magazine, Arrajol magazine and Sayidati magazine. In addition, other entities that fall under SRMG are Al Khaleejiya for Publicity Advertising and Public Relations and Al Madina Printing and Publishing Company. Also during Mr. Murdoch’s visit, Prince Alwaleed hosted a luncheon in his honor at HRH’s Kingdom Resort, and on the following day Prince Alwaleed hosted a dinner in honor of his guest at the desert camp.
HRH owns 100% of Rotana that includes the 5 channels; Rotana Clip, Rotana Music, Rotana Cinema, Rotana Zaman and Rotana Khalijiyah. Also, Rotana's film library has an archive of more than 2000 films. In addition to the 5 Rotana channels, there is Al Resalah.