Rupert Murdoch has closed his long-gestating deal for News Corp. to acquire a stake in Saudi Prince Waleed bin Talal’s Rotana media conglomerate.

Photo credit: World Economic Forum (Creative Commons)

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Son James Murdoch has been personally involved in the negotiations, which have gone on for many months as the two sides bargained over Rotana’s value. Those talks recently came to a close in London.

The pact, first announced by Daily Variety at the 2006 Cannes Film Festival, will see News Corp. take a 10% stake in Rotana, with an option to acquire another 10%.

While Middle Eastern investors have been ramping up their involvement in Hollywood — witness Abu Dhabi’s $1 billion production arm Imagenation — the News Corp.-Rotana pact marks the most significant investment yet by a Western media company in the Arab world.

It also deepens the strategic partnership between Rupert Murdoch and Prince Waleed, who is a substantial investor in News Corp.

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Read More: By ALI JAAFAR, Variety

Photo credit: World Economic Forum (Creative Commons)

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