Saudi Billionaire Prince Sells Majority Of Stake In News Corp.

[IDemo]

Source: Huffington Post

RIYADH, Saudi Arabia (AP) — The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold off most of its stake in Rupert Murdoch's News Corp.

Kingdom Holding said on Wednesday it has reduced its stake in the New York-based owner of The Wall Street Journal and other, mostly print media properties, to about 1 percent, from 6.6 percent previously. It says the sale generated $188 million.

Alwaleed says the move was part of a general portfolio review, and that Kingdom remains "firm believers in News Corp.'s competent management."

Kingdom says it continues to maintain a 6.6 percent stake in Twenty-First Century Fox, which holds TV and movie properties. News Corp. split off from that company in 2013.

Read more: http://www.huffingtonpost.com/2015/02/04/saudi-princes-news-corp-stake-alwaleed-bin-talal_n_6613146.html

[shenmue]

1. Yay

[bulloney]

3. I hated to see this.

Whenever my RW friends and relatives go off on one of their rants against Obama or whatever, I like throwing them that little fact that the Saudi Prince is the second-largest shareholder of News Corp behind Murdoch. It's been guaranteed to fluster them to the point of a major head explosion every time.

[Cleita]

4. So maybe the buyer is equally odious and you still can throw that in their

faces. I wonder who is the new second biggest owner?

[Reter]

7. Probably someone worse

At least the last owner didn't hate Palestinians.

[Wellstone ruled]

5. This Turkey still owns tons of

Citi Group.

[samsingh]

6. this is significant - one side is reacting to something

[tanyev]

8. This, perhaps?

New allegations of Saudi involvement in 9/11
http://www.democraticunderground.com/10141005997

[samsingh]

9. perhaps

[librechik]

10. What an amazing coincidence! Right when Fox is caught helping ISIS terrorism!

I wonder how long it will take for the sheik's anonymous proxy to buy back in?

Just sayin

[sofa king]

11. That is a deliberately mis-titled headline.

No aspersions cast upon you, dear IDemo; the fault here is all the Huffington Post's. Whatever the intent was, the result is that the headline suggests that Saudis owned a majority of News Corp.

That is incorrect. The Saudis own Rupert Murdoch, who owns News Corp.