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Rupert Murdoch’s News Corp is increasing its holdings in Prince Alwaleed bin Talal’s Rotana Media. News Corp already held 14.5 per cent of Saudi Arabian group and is paying $35 million for new shares which will take their holdings to 18.97 per cent.
The news was reported in the Saudi Gazette and followed a Rotana board meeting. Prince Alwaleed holds about seven per cent of News Corp.