Prince Alwaleed to sell stake in Rotana within two years
Billionaire Saudi businessman also plans to launch news channel to compete with Al-Arabiya and Al-Jazeera.
April 26, 2010 4:59 by Ben Flanagan
Saudi’s Prince Alwaleed bin Talal plans to sell a stake in media company Rotana Holding within two years, as part of the billionaire’s plans to expand his media business in the Middle East.
“An IPO will be happening in the coming two years,” Alwaleed said in an interview with Bloomberg TV.
Alwaleed also said today he may start a regional news channel to compete with the Al-Arabiya and Al-Jazeera satellite channels – although he said that this would not be produced through Rotana.
News Corp. owns a 9.1 percent stake in Rotana, while Alwaleed, Saudi Arabia’s richest businessman, has a 7 percent stake in Rupert Murdoch’s company.