News Corporation acquired 9.09% stake in Rotana Media for $70 million

News Corporation announced buying a 9.09 per cent stake in Rotana Group, the Middle East media group, for $70 million. The company has an option to increase its stake to 18.18 per cent in the 18 months following completion.

The acquisition of Rotana, which is owned by Family office of HRH Prince Alwaleed Bin Talal, is done with a valuation much less than what has been previously reported back in September 2009.

Their full release follows