News Corporation (NWS) Buys 9% Stake In Middle Eastern Media Company

News Corporation (Nasdaq: NWS) (NYSE: NWS-A) announced on Tuesday that it had reached a deal to buy 9.09% of Middle Eastern media company Rotana Group, with an option to double its stake within 18 months of the deal closing.

Rotana Group is owned by billionaire Suadi Arabian investor Prince Alwaleed Bin Talal, who also owned nearly 7% of News Corp. Class B common stock as of Feb. 4.

Rotana Group runs a television network, a record company, manages famous regional artists and owns the largest Arabic film library in the world.