The top management of Saudi-based media group Rotana met under the chairmanship of Prince Alwaleed bin Talal bin Abdulaziz Alsaud to discuss the latest developments at Rotana after its strategic alliance with global media giant News Corp.

The meeting, which was attended by Dr Waleed Arab Hashem, vice chairman and Fahad Alsukait, CEO, discussed ways to strengthen the strategic alliance with News Corp.

According to a company statement, Newscorp bought a 9.09 per cent stake in Rotana Group in February to further develop its postion in the media sector in the Middle East and expand it horizon.

Under the terms of the agreement, Rotana said the News Corporation would acquire newly-issued shares in Rotana for $70 million. News Corp has an option to boost its stake to 18.18 per cent in the 18 months following completion.

Pierre Daher, president of Rotana TV Channels, and the members and representitives from News Corporation including Marc Heller, Gary Davey besides Charlotte Burr, vice president of Star Group and Michael Nelson, CFO of Rotana also attended the meeting.

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Kingdom Holding Company, the principal shareholder of the Rotana Group, is owner of approximately 7 percent of News Corporation's Class B Common Stock. It has a 29.9 per cent share of the SRMG.