What Will Happen To Rotana’s Artists After Selling 20% Of Its Shares?
According to the latest business reports, Media Group News Corp is set to buy 20% stake in Saudi media and entertainment network Rotana (owned by Saudi Prince Al Walid Bin Talal). The deal is estimated to reach a total of 350 Million dollars, which is approximately the amount needed by Rotana to ease its cash flow after hitting hard due to worldwide recession.
Nevertheless and despite the fresh cash expected to flow in, many Arab stars seem worried about their situation within the company. In fact many left to sign with other record labels like Ramy Ayach, Latifa, and Nawal Al Zoghbi; while others are not yet sure whether to stay or leave such as Angham and Cyrine Abdel Nour. The basic idea is that many artists today believe that Rotana’s partnership with News Corp is just the first step in solving its financial crisis before moving in to reduce the amount of recording artists. This of course contradicts with the views of others who consider the deal as the best solution to move forward in financing future music productions.
Note that Prince Al Walid owns 5.7 % stake in News Corp and he is the sole owner of News Corp’s Fox Television channels in the Middle East.
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