News Corp, a US-based media giant, has signed a deal to buy a minority stake in Moby Group, a media company headquartered in Dubai.

Moby is active in Central Asia, principally Afghanistan, and the Middle East.

As per the deal, News Corp will contribute its 50 percent shareholding in Broadcast Middle East or BME, its Farsi-language TV joint venture with Moby, for a minority shareholding in Moby and will also provide growth capital to Moby for its expansion plans.

Following the investment, BME would become a wholly-owned unit of Moby.

Through BME, News Corporation and Moby have launched two Farsi-language channels, FARSI1 and Zemzemeh.

Moby will continue to be chaired by Saad Mohseni while Zaid Mohseni will continue to serve as chief executive of BME, which will become a subsidiary of Moby.