Saudi billionaire Prince Alwaleed Bin Talal’s investment firm sold a stake valued at almost $US190 million in News Corp, reducing its holding in Rupert Murdoch’s media company to about 1 per cent.
Alwaleed’s Kingdom Holding cut its ownership of Class B shares to 2 million from 13.2 million, or 6.6 per cent, it said in a statement to the Saudi bourse Wednesday. The sale generated 705 million riyals ($241.7 million), which will be used for other investments, it said. Through Kingdom, Prince Alwaleed holds stakes in companies including Citigroup and Twitter. Continue reading
The Sun King, Rupert Murdoch, lost the support of his prince last week – and almost lost control of his media empire as a result.
But the real problem for Murdoch is that this war is far from over, and there are serious implications for News Corp’s struggling print empire in Australia – the weak underbelly that will be targeted by investors.
Long time Murdoch backer, the Saudi billionaire Prince Alwaleed bin Talal, kept on the sidelines last week as the News Corp founder faced an unprecedented investor revolt against the structure that entrenches his family’s control of the company with a minority stake.
The Murdoch family owns just 12 per cent of News Corp, but they own 40 per cent of the shares which control the company. Continue reading