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)

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.

Read More: By ALI JAAFAR, Variety

Photo credit: World Economic Forum (Creative Commons)

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