Murdoch’s News Corp. loses billionaire Saudi prince
Billionaire Saudi Prince al-Waleed bin Talal has dropped nearly all of his stake at News Corp. led by media mogul Rupert Murdoch.
The prince said in a statement on Wednesday that he would take the 6.6 percent of his Kingdom Holding Company’s ownership down to one percent.
However, he would maintain his 6.6 percent holding of Murdoch's entertainment company, 21st Century Fox.
Back in 2013 when Murdoch's media empire was split into two companies after a phone hacking scandal, Waleed had expressed “definitely unwavering” support for the Australian American magnate, saying, "We have a strategic alliance with Rupert Murdoch for sure and I have been with him for the last 15 or 20 years."
In his new statement, the Saudi business tycoon voiced similar feelings despite his withdrawal, saying he is confident in News Corp.'s management and "fully supportive of Rupert Murdoch and his family."
Explaining the reason for the move, he said that it was "decided in the context of a general portfolio review."
News Corp. is made up of the New York Post and the Wall Street Journal along with HarperCollins, a book publisher.
Murdoch also owns the more valuable 21st Century Fox, a multinational mass media corporation.
NT/AS/MHB
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