“After two years of long negotiations, we agreed to sell a 9.09 percent in Rotana to News Corp for $70 million,” said Bin Talal. “The deal will provide a qualitative leap, not only for Rotana, but also for the Arab Media," he said.

The deal ,which was finalized last week, includes prince AlWaleed’s majority 85 to 89 percent stake in LBC Sat, LBC’s free TV satellite channel that covers the Arab World.

Rotana owns several music and movie TV channels, video and digital businesses, a film and music production company, and a monthly entertainment magazine.

News Corp has the option to buy another 9.09 percent stake in Rotana in the next 18 months.