Kingdom Holding Company’s (KHC) recent decision to reduce its stake in US-based mass media giant, News Corp came as part of a general portfolio review last year, said Prince Alwaleed Bin Talal, chairman of KHC.
Saudi Arabia-based KHC remains confident in News Corp’s efficient management, led by its chief executive Robert Thomson, the Saudi prince said. The company will also show full support for Rupert Murdoch and his team, according to a KHC press release obtained by Argaam.
“Our investment in Twenty-First Century Fox, constitutes a solid foundation for our long standing relationship that we expect will endure,” said Prince Alwaleed, who stood by Murdoch during his phone-hacking scandal.
“Twenty-First Century Fox owns a 19 percent stake in Rotana Group that I own independently from Kingdom Holding,” he added.
According to data available on Argaam, the Tadawul-listed investment firm announced on Wednesday that it was slashing its stake in News Corp from 6.6 percent to 1 percent.
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