Bulgaria bTV Former Owner News Corp in Middle East Move

Rupert Murdoch is about the make the most significant investment so far in the Middle East. Photo by EPA/BGNES

News Corp, Rupert Murdoch’s global media empire and former owner of Bulgaria's bTV channel, is close to buying a stake in Rotana Media, the broadcaster and music group owned by Saudi billionaire investor Prince Alwaleed bin Talal.

The news has been reported by Financial Times, which cites people familiar with discussions between the two groups.

The price of the deal has not been disclosed.

The deal would reportedly see News Corp take an initial stake of about 10% with an option to take this up to about 20 % in time. It will also include the prince’s interest in LBC Sat, the Lebanese broadcaster.

The move will mark News Corp’s most significant investment so far in the Middle East, where faster GDP growth, a young population and maturing advertising markets have begun to draw US and European media groups facing slow growth in their home markets, Financial Times commented.

Last week Bulgaria's first national private television bTV, wholly owned by Rupert Murdoch's News Corp, was sold to Central European Media Enterprises.

Under the terms of the agreement, CME will pay USD 400 M in cash for 100% of the terrestrial free-to-air TV channel, bTV. It will also take control of the two genre channels, bTV Comedy and bTV Cinema, along with News Corporation’s 74-per-cent interest in Radio Company C.J which operates five radio stations.

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