Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, reduced the size of its stake in media giant News Corp by 5.6 per cent, it said on Wednesday.

The bourse statement announcing the news stated that the sale was "generating SR705 million ($188 million)", although it was unclear if this was the total sale amount of the stake or the profit amount which the company booked against the original purchase.

The sale, part of a portfolio review, was executed in the first half of 2014 and finalised by the end of the year, according to a bourse filing.

Kingdom's stake decreased from 13.18 million class B shares, representing approximately 6.6 per cent ownership, to 2 million class B shares, representing approximately 1 per cent ownership.

The funds generated from the sale will be reinvested in other potential investments, the English-language statement said.

However, in an Arabic-language statement on the bourse website, Kingdom also said part of the proceeds will be used to reduce some of the company's debts.

The company did not say to whom the shares were sold. - Reuters