Global media group News Corporation has increased its stake in Rotana Group, a leading Middle East media organisation, by acquiring newly-issued shares in the company.

News Corp will pay $35 million for the shares, which will take its stake in Rotana to 18.97 per cent. News Corp had acquired previously owned 14.53 per cent stake in Rotana.

The acquisition was announced after a meeting of the Rotana board chaired by Prince Alwaleed Bin Talal, chairman of Rotana Holding.

Rotana, which is majority owned by Prince Alwaleed, operates one of the largest TV networks and ad sales operations in the region and owns the largest Arabic film library.

It has also built the leading record label in the Middle East, managing many of the most popular artists in the region and controlling the biggest Arabic music catalogue. – TradeArabia News Service