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Saudis Drop Major US-based Media Mouthpiece, Sell News Corp Stake After 18 Years

Tyler Durden's picture




 

With the fog of economic war clearing just enough to get a glimpse of the real narrative in the Saudi-US-Syria-Qatar-Russia-Europe chaos, we found it more than a little intriguing that, as Reuters reports, Saudi Arabia's Kingdom Holdings - the investment firm owned by billionaire Prince Alwaleed bin Talal - sold most of its stake in media giant News Corp. While stating that they "remain firm believers in News Corp’s competent management," no reason for the sale was given of the US-based media mouthpiece that has been a core holding since 1997.

 

As Reuters reports,

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, sold most of its stake in media giant News Corp as part of a portfolio review, it said on Wednesday.

 

The sale of a 5.6 percent stake in News Corp generated 705 million riyals ($188 million) of cash for Kingdom and leaves it with a one percent holding, according to a bourse statement. The amount of profit or loss booked on the investment was not disclosed.

 

Kingdom has held a stake in Rupert Murdoch's media conglomerate since 1997, according to its website.

 

It has been a turbulent few years for the media company, after it emerged in 2011 that one of its British tabloid newspapers, the now-defunct News of the World, had been hacking phones and bribing public officials.

 

News Corp said on Tuesday it would face no charges in the United States over the matter, although it still faces multiple investigations and court cases in Britain.

 

"We remain firm believers in News Corp’s competent management, led by chief executive Robert Thomson, and are fully supportive of Rupert Murdoch and his family," Alwaleed said in a separate emailed statement.

*  *  *

The sale of shares by Kingdom was "predominantly executed" in the first half of 2014 and finalised by the end of the year, the statement said... both as the Ukraine tension escalated and oil prices started to collapse...

 

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Wed, 02/04/2015 - 10:41 | 5742845 Bill of Rights
Bill of Rights's picture
These Are The Ex-Lawmakers Who Could Barely Wait To Sell Out

 

http://www.vocativ.com/usa/us-politics/congressman-lobbyist-less-month-m...

Wed, 02/04/2015 - 10:49 | 5742873 ZH Snob
ZH Snob's picture

they don't need a voice in the american propaganda market anymore.  and china takes care of their own propaganda very zeaously, thank you.  better for the saudis to concentrate their propaganda home, starting with a huge helicopter drop for their sheep because they deserve so much more.

Wed, 02/04/2015 - 10:53 | 5742884 Publicus
Publicus's picture

They are running away from the dominance of RT and Fox.

Wed, 02/04/2015 - 10:58 | 5742896 BigJim
BigJim's picture

Now that oil is ~$47, the Saudis are going to have to rely on their 'savings' to pay their bills.

And what form do those 'savings' take? Investments.

So if oil stays low I think we will see all the wealthy oil nations start liquidating their assets... what balance of equities, bonds, or PMs are sold remains to be seen, but it could have a sharp effect on asset prices.

Hence low oil -> moar QE. Because in a world where the entire banking system is held up by the collateral of high asset prices, a few more dollars in the pockets of every consumer makes no difference.

Wed, 02/04/2015 - 11:13 | 5742939 Never One Roach
Never One Roach's picture

These guys are so skilled in so many areas they don't need to depend on oil. Look at their tech industry, manufaturing, and so on..... Their online 'magic carpet' business sales alone can reap Millions.

 

[PS: some guy on NPR said 95% of SA revenue is from oil sales]

 

 

 

Wed, 02/04/2015 - 11:55 | 5743075 Element
Element's picture

Suspect its house cleaning after a dead king, some changed priorities.

Wed, 02/04/2015 - 13:07 | 5743414 giovanni_f
giovanni_f's picture

Looks like Rupert Murdochs court press did not bend over / bow down deep enough after the former king's death. Maybe Chelsea Clintons husband might detect tremendous upside potential in this package.

Wed, 02/04/2015 - 10:40 | 5742847 SethDealer
SethDealer's picture

I bet they made good money. this will help offset there losing position in Citi

Wed, 02/04/2015 - 10:41 | 5742854 sudzee
sudzee's picture

Will RT get some support??

Wed, 02/04/2015 - 10:41 | 5742855 Arius
Arius's picture

i suppose "the prince" needs the money to compensate for the low oil prices ... let just say he had some advance notice

Wed, 02/04/2015 - 10:43 | 5742856 taketheredpill
taketheredpill's picture

 

 

News Corp bought Harlequin last year.  When the Saudis saw the covers they decided to bail...

 

Wed, 02/04/2015 - 10:44 | 5742860 shovelhead
shovelhead's picture

The propaganda return was less than expected.

Wed, 02/04/2015 - 10:49 | 5742865 Smegley Wanxalot
Smegley Wanxalot's picture

Just .... don't take Megyn off the air.

You can, however, move her to Naked News if you want!

Wed, 02/04/2015 - 10:51 | 5742885 Dr. Richard Head
Dr. Richard Head's picture

A hot piece of ass indeed....too bad she is a snake oil saleman.

Wed, 02/04/2015 - 11:02 | 5742903 jay28elle
jay28elle's picture

One of the few in the news bizz that calls it like it really is, asks the questions that need to be asked, and doesn't coddle up to the Obama admin as the majority of her peers seem to do.

Wed, 02/04/2015 - 11:07 | 5742915 Dr. Richard Head
Dr. Richard Head's picture

You're right...she toes the Republican party line.  The party look different in rhetoric, but taste like the same shit to me. 

Wed, 02/04/2015 - 12:14 | 5743155 BigJim
BigJim's picture

Same shit, different asshole.

Wed, 02/04/2015 - 12:14 | 5743164 jay28elle
jay28elle's picture

Heard an appropriate description the other day...  She may toe the GOP line, but at least not totally up the ass of the Obama admin that her peers are.  Big, gigantic difference... some objectivity vs not an bit of objectivity.

Wed, 02/04/2015 - 13:00 | 5743382 scraping_by
scraping_by's picture

She's a news reader and will be up any asshole her bosses choose. A distraction to keep horny, lonely American men to keep from questioning the Red Hat-Blue Hat narrative.

Wed, 02/04/2015 - 15:14 | 5743939 Sweet Cheeks
Sweet Cheeks's picture

You kiss your mother with that mouth, Dr. Richard?  

Wed, 02/04/2015 - 10:44 | 5742866 williambanzai7
williambanzai7's picture

Selling down the book to pay the bills.

Wed, 02/04/2015 - 10:47 | 5742869 Gilnut
Gilnut's picture

Via Arab News:  Moscow seeks stronger ties

http://www.arabnews.com/saudi-arabia/news/698716

Another global pivot?

Wed, 02/04/2015 - 11:06 | 5742877 Dr. Richard Head
Dr. Richard Head's picture

I wasn't aware of Saudi involvement in the News Corp, but that explains the mouthpiece's affinity for war and printing.  

It's amazing to me the brainwashed masses want to "turn that desert into glass" and "kill all of those towel-heads".  They invoke Christ in their war mongering rhetoric, but are unaware of their ignorance of Jesus living on the Arabian penninsula. 

Jesus was a towelhead - http://mattstone.blogs.com/photos/christian_art_middle_east/arab_jesus_b... - I say this to point out the hypocrisy of those evangelical war monger zealots.  

Wed, 02/04/2015 - 11:25 | 5742971 cigarEngineer
cigarEngineer's picture

Jordan gov loved the execution of its pilot. They shit their pants; they couldn't believe their luck. They couldn't have gotten a better gift to justify more war and more escalation. 

Wed, 02/04/2015 - 13:04 | 5743406 scraping_by
scraping_by's picture

Wonder if it will make them rethink providing bases for the 'moderate' Syrian Opposition. Probably not. When you're the local control for the American Empire, you have to put up with a lot.

Wed, 02/04/2015 - 10:50 | 5742881 Bill of Rights
Bill of Rights's picture

The FED ( Scam ) will not raise rates with charts like this...

 

http://3.bp.blogspot.com/-tmxwDHsasfI/VNE5YYElxqI/AAAAAAAAVas/0I_0mS_yre...

Wed, 02/04/2015 - 11:07 | 5742918 vyeung
vyeung's picture

When's he going to sell Citigroup shares!

Wed, 02/04/2015 - 11:07 | 5742919 David Wooten
David Wooten's picture

They probably needed money to offset declining oil revenues but it is welcome 'news' to have less of their influence in what's left of 'free' Western media.

Wed, 02/04/2015 - 11:09 | 5742934 Son of Captain Nemo
Son of Captain Nemo's picture

This is but one small example of why the wealthiest of courtesan’s needs to be handled with kidd gloves if they don't want the "house of cards" to "fall too quickly". 

Fall too quickly are the operative word(s) by the way as it's not a question anymore that it has been and will continue no matter what!

Take Prime Minister Cameron's inspirational words of praise on behalf the "white tented" community's new patron leader that beheads, enslaves and rapes everything from underage girls to camels!... The words were so "dripping" you would have thought Cameron had just anointed himself with a load coming out of both his ass and his mouth as King Salman "zipped up"!

Related to this story on News Corp.

I wonder if the Saudis would be interested these days in acquiring a stake in RT News, especially in helping them with maintenance problems they've been having over the past several months in CONUS?...  I live near the belly of the beast and it's not unusual to see a 12 to 24 hour stretch where RT coverage mysteriously is cut off completely from COMCAST and Verizon cable unannounced with just a banner saying that it's "down for maintenance"!

Wed, 02/04/2015 - 11:13 | 5742941 Reaper
Reaper's picture

It's better to control secretly.

Wed, 02/04/2015 - 11:22 | 5742962 cherry picker
cherry picker's picture

In the old days they had a town crier who would yell out the news from a street corner,  however he could be bought or threatened too, just like our present day MSM.

As far as I am concerned, they aren't worth the billions they are 'valued' at.

 

Wed, 02/04/2015 - 11:24 | 5742972 mikemora
mikemora's picture

This new king is laying the hammer, err, sword down. He wants oil at $150. and doesn't care about controling the backlash. (oops another pun)

Wed, 02/04/2015 - 11:43 | 5743045 monad
monad's picture

Mission Accomplished

Wed, 02/04/2015 - 12:32 | 5743231 Chuck Knoblauch
Chuck Knoblauch's picture

Well, we now know where the King is going to get the $29 billion to payoff the Saudi people for their support.

Wed, 02/04/2015 - 14:41 | 5743824 TeethVillage88s
TeethVillage88s's picture

They need the money for Social Programs for the Princes Families.

Wed, 02/04/2015 - 15:09 | 5743911 Sweet Cheeks
Sweet Cheeks's picture

Instead of the distraction of Megyn, perhaps we should determine why the Saudi prince has chosen to withdraw his investment in Fox News / News Corp now?  Is said prince divesting himself of any other American stocks?  What does he know that we don't? 

Wed, 02/04/2015 - 17:27 | 5744626 Down to Earth T...
Down to Earth Thinking's picture

same screwing , just a slightly different flavor ? but who coulda known ?

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