Tuesday, 23 February 2010 at 14:04, Reuters, Riyadh
Saudi-based entertainment firm Rotana said on Tuesday it had reached an agreement to sell a 9.09 per cent stake in the Rotana Group to Rupert Murdoch's News Corp for $70 million.
"News Corp has reached an agreement to buy a 9.09 percent stake in Rotana Group," Rotana said in a statement. Rotana owns the Arab world's largest record label and operates several television channels. In September, the Wall Street Journal said News Corp was eyeing a 20 per cent stake in Rotana, citing people familiar with the deal.
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