September 2, 2009 / 4:43 AM / 10 years ago

News Corp eyes stake in Saudi firm Rotana Media: report

(Reuters) - Rupert Murdoch’s News Corp (NWSA.O) is in talks with Saudi billionaire Prince Alwaleed bin Talal to buy a 20 percent stake in broadcaster Rotana Media, the Wall Street Journal reported, citing people familiar with the deal.

The newspaper, citing a person involved with the deal, said it’s not clear at this stage whether the deal will be for existing stock or new shares.

A formal bid valuing the stake is expected this month, the person told the paper, without giving specifics on price.

News Corp could not be immediately reached for comment by Reuters out of regular U.S. business hours.

The WSJ said, Rotana, which hosts Fox channels in Saudi Arabia via its TV network, owns rights to more than 2,000 Arabic movies and a large music library.

Reporting by Chakradhar Adusumilli in Bangalore; Editing by Anshuman Daga

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