Variety: Saudi Prince Comes to Rupert Murdoch's Aid

[villager]

Rupe gets a royal boost

Saudi prince comes to Murdoch's aid

By JILL GOLDSMITH

Rupert Murdoch has found his white knight -- or, let's say, his prince. Billionaire Saudi royal Al Waleed bin Talal announced Tuesday he's boosted his stake in News Corp., shifting from nonvoting to voting stock in a move that bolsters Murdoch against a possible raid by John Malone.

The news buoyed shares of the giant media conglomconglom, which rose 2.26% to close at $17.21.

Liberty Media chief Malone has amassed a threatening 18% voting chunk of News Corp. -- second only to the 30% or so stake controlled by Murdoch and his family. Malone recently said he'd like to buy more shares, criticizing Murdoch's succession planning and capital strategy. To ensure Malone stays at arm's length, News Corp. has put in place and extended indefinitely a shareholder rights plan, or poison pill -- a measure aimed at foiling hostile takeovers.

A friendly investor like Al Waleed is an additional firewall. The prince reiterated he may purchase more News Corp. stock "if the situation warrants."

<snip>

Al Waleed is a grandson of King Ibn Saud, the founder of modern Saudi Arabia. He's been a hugely successful investor. His fortune, valued at $24 billion, includes holdings in Citigroup, Apple and Time WarnerTime Warner.

<snip>

(full -- and sadly unsurprising -- story at www.variety.com subscription site )

[Melodybe]

1. kick kick kick and nominated

newsmax and AOL/Time/Warner

Never forget who owns the news!

[Systematic Chaos]

2. Kick and nomination

Fucking despicable!!

[Nostradamus]

3. And now live on the Rush Limbo show

Citizen Kane and Ali Baba singing the "The Wall Street Shuffle"

more satire dressed up as reality

[Old and In the Way]

4. Kingdom Holdings, the Saudi Investment arm, also owns shares of CNN

Any surprise why things are spun their way? There ought to be a law about foreign ownership of our news media. Wonder if the Freepers realize that the Saudi's shape their news?

[ngGale]

5. Sure explains FAUX's ...

'fair and balanced' viewpoint.

[xchrom]

6. kick

[emad]

7. Today's Independent coverage: a "poison pill" defence

Saudi prince takes News Corp stake
By Saeed Shah
Published: 07 September 2005

Rupert Murdoch's attempts to retain control of his News Corp media empire got a boost yesterday after his ally, the Saudi investor Prince Alwaleed bin Talal, took a 5.5 per cent stake in the company's voting stock.

Mr Murdoch was forced to put in place a "poison pill" defence at News Corp, in November to stop a hostile takeover bid after a rival media magnate, John Malone, took an 18 per cent share in the company's voting stock. News Corp has two classes of stock, with the Murdoch family owning 30 per cent of the key voting shares.

Prince Alwaleed reiterated his support for Mr Murdoch yesterday as his Kingdom investment company converted a 3 per cent stake he held in non-voting News Corp stock to 5.46 per cent of the voting shares.

Prince Alwaleed described the Malone issue as "murky". He told Bloomberg News: "We don't know what his intentions are .... We're very close to Mr Murdoch. You should not look at this matter as anti-Malone. You should look at it as being pro-Murdoch."

http://news.independent.co.uk/business/news/article310838.ece

[villager]

9. "Poison pill" indeed

n/t

[bemildred]

8. Our "free press" seems to be very expensive all of a sudden. nt

[villager]

10. "Free press" and "public office," both

n/t