Tuesday, May 30, 2006

News Corp and the Saudis: Incestuous media conglomerate?

Last September, Saudi prince al-Waleed bin Talal purchased a 5.46% stake in News Corp, the global media conglomerate and parent corporation of Fox News (US), Sky News (UK), among other large media companies. News Corp is majority-owned by Rupert Murdoch.

Yesterday, it was reported that Rupert Murdoch and News Corp is in talks with the same Saudi prince to purchase a stake in the prince's Rotana entertainment firm.

From the AAP News article:

Rotana is expanding its operations in movies, radio and music pushing aggressively into the entertainment market, which caters to nearly 300 million Arabs in the region as well as those living abroad.

Wholly owned by Prince Alwaleed, Rotana plans to list on one of the three United Arab Emirates stock exchanges rather than in conservative Saudi Arabia, where cinemas are not allowed.

I'm not sure exactly what this relationship means yet, but I'm not sure I like it.

No comments: