News regarding NSCP, Chk it out.
Dow Jones Newswires -- November 23, 1997
Saudi Prince Has Acquired 5% In News Corp. -
Fincl Times
HONG KONG (AP-Dow Jones)--A Saudi Arabian prince,
Al Waleed bin Talal, has acquired a 5.0% stake in News
Corp. (NWS), the media giant controlled by Rupert
Murdoch, the Financial Times reported Monday.
The paper cited Time magazine as saying that the prince
also bought about 5.0% in Netscape Communications
(NSCP), a U.S.-based internet browser company, and
what the magazine described as a 'chunk' of Motorola
(MOT) , a semiconductor and mobile phone U.S.
company, and shares in a fourth, undisclosed U.S.
company.
The prince, with net worth totaling US$12.0 billion, was
reportedly spending US$1.20 billion to acquire the shares
when the world's major stock markets tumbled on Oct. 28,
according to the magazine report.
'I want to concentrate on communications, technology,
entertainment and news,' Prince Al Waleed reportedly told
Financial Times, adding 'this is the future. News Corp. is
the only truly global news and entertainment company.
Netscape is strongly involved with the internet. Motorola
is very global in telephones and satellites. These companies
are going to play a crucial role.'
The newspaper said the prince's 5% stake in News Corp.
makes him one of the largest individual shareholders in the
media giant and 'raises possibility of his becoming actively
involved in management.'
News Corp. was quoted by the paper as saying on Sunday
'(it) welcomes all shareholders.' The company, however,
declined to comment further, but the majority of the
prince's 5% holding is understood to be in non-voting
stock, restricting his leverage, according to Financial
Times.
The prince's latest purchases helped expand his existing
portfolio of high-profile companies, which already
includes U.S.-based Citicorp., Euro Disney, the Four
Seasons luxury hotel group, Trans World Airlines and
Donna Karan International Fashion group, said the paper.
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