x Abu Dhabi, UAEWednesday 26 July 2017

Prince Alwaleed buys stake in Twitter

Saudi billionaire Prince Alwaleed bin Talal buys a $300 million stake purchase Twitter, gaining another foothold in the global media industry.

Prince Alwaleed bin Talal has invested $300 million in the microblogging site Twitter, according to a statement posted to the Saudi Arabian stock exchange.

The Saudi Arabian billionaire made the investment jointly with his Kingdom Holding Company, according the notice issued by the company.

"HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Kingdom Holding Company (KHC), announced... a combined investment of $300 Million in Twitter,” the statement said. "This investment was the result of several months of negotiations."

Prince Alwaleed has boosted his share in media investments over the years. He controls Rotana, one of the biggest broadcasters in the region, which runs Rotana Cinema, the second most lucrative channel by advertising revenues. The Prince also has a 7 per cent stake in Rupert Murdoch’s troubled News Corp empire.

Prince Alwaleed also plans to launch Alarab, an Arabic-language news station. The channel, due to launch at the end of next year, will be based in either Bahrain or Dubai.

bflanagan@thenational.ae