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Rupert Murdoch’s News Corporation has successfully acquired the stake of 9.09% in a Middle East’s media group, Rotana through an agreement. News Corp. will buy the recently issued shares of Rotana in lieu off $70 million. Also the stake can be extended up to 18.18% with in 18 months.

Rotana which is owned by HRH Prince Alwaleed Bin Talal runs the largest network of TV channels in the Middle East. This deal has made the influence of News Corp. more firm in the region.

James Murdoch, Chairman and Chief Executive, Europe and Asia, News Corporation, said, "A stake in Rotana expands our presence in a region with a young and growing population, where GDP growth is set to outstrip that of more developed economies in the years ahead. Rotana is a leading player in the Middle East and we look forward to working together."

Whereas, according to the Talal, "We are delighted to have this partnership with News Corporation. As one of the world’s most global media companies, it has an unrivalled record in developing businesses at scale around the world. This investment will strengthen our existing relationship, building Rotana's presence across the region and expanding its reach to the Arab Diaspora around the world."