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Prince Alwaleed bin Talal of Saudi Arabia has announced that his company Kingdom Holding will make no changes in its investment in News Corp. The clarification comes after News Corp's News of the World got involved in a telephone hacking scandal which led to its shut down on Sunday.

The scandal can also see the Rupert Murdoch owned company lose out on a multi-billion dollar deal of acquiring British Sky Broadcasting Group Plc (BSkyB).

Meanwhile Prince Alwaleed said that the matter did not change his decisions but instead made his company’s partnership with News Corp even stronger. He also added that he supported the decision of shutting down News of the World.

The prince further said that the phone scandal is a different issue altogether and should not interfere with News Corp’s plans of acquiring BSkyB.

Kingdom Holding owns 7 percent of the votes in News Corp while News Corp owns 14.5 percent of Alwaleed's Rotana Media Group.