"News Corp. agreed to pay $70 million for a stake in the media company owned by Saudi billionaire Prince Alwaleed Bin Talal, one of its largest shareholders. The New York media conglomerate will take a 9.1% stake in Rotana Group, with
an option to double its holdings in 18 months. Corp. will have two seats on Rotana's six-person board. The investment gives News Corp its first significant foothold in the Middle East, where it expects economies to grow quickly."