Prince Alwaleed bin Talal, a nephew of the Saudi king and who was listed last year by Forbes as the world's 22nd richest person, met with News Corp's chief executive Rupert Murdoch on January 14 in a meeting that ``touched upon future potential alliances with News Corp,' according to a statement released by his Kingdom Holding Co late Saturday.
Media reports have indicated that News Corp, parent to Fox News and Dow Jones & Co, among others, may be thinking of buying a stake in Alwaleed's Rotana Media Group, which includes a number of satellite channels that air in the Middle East.
Neither company has commented publicly on the possible deal, but the talks offer an indication yet that such an agreement may yet be in the offing. Kingdom Holding's statement said Alwaleed is already the second largest stakeholder in News Corp, with 5.7 percent of the shares of the media company. The stake is held through Kingdom Holding, in which Alwaleed holds a 95 percent stake.
The investment company has a diverse portfolio, ranging from hotels to shares in Apple, eBay and Citigroup.
Alwaleed, and the investment firm, were hit hard by the global meltdown. He has since focused on shoring up borrowing power, in part through a recent decision to transfer 180 million of his shares in Citigroup to Kingdom Holding. In a statement last week, he described the move _ valued at about $600 million _ as key to facilitating future borrowing and growth.
The Saudi royal also met last week with Citigroup's chief executive Vikram Pandit, according to a statement by Kingdom Holding e-mailed Sunday. Alwaleed told Pandit that the ``honeymoon is now over,' a clear indication that one of the banking giant's largest investors wants solid results this year, according to a transcript of an interview that aired Thursday on Fox Business News.