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Billionaire Saudi Prince Pledges to Save News Corps

Reported by Marie Therese - September 6, 2005

According to today's Raw Story via the Wall Street Journal, billionaire Saudi Prince Prince Alwalal bin Talal who currently owns 5.5% of News Corps stock, has said that he will increase his holdings in order to prevent a hostile takeover, possibly by Liberty Media's John Malone.

"We have transferred our stocks from the nonvoting to the voting, and we are all mobilized and ready to increase our stocks whenever the opportunity comes and whenever the situation warrants," Prince Alwaleed said Tuesday in an interview on CNBC. "For example, if we feel that the strategy of Mr. Murdoch and his son and his family is being threatened by any outsider, clearly, this is something we will not accept because we are very happy as shareholders with what Mr. Murdoch is doing."

More at The Guardian as well.

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Isn't it nice to have rich friends?

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