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US media giant News Corp has secured a deal to buy a minority stake in Dubai media company the Moby Group, in a bid to aid the group’s expansion around the Middle East.
The New York-based firm, which also has a 14.5% stake in Prince Alwaleed’s media company Rotana Holding, will help finance Moby’s debut in new markets and also provide media expertise, the director of Moby Group said.
The Moby Group, which is also active in Afghanistan, first tied -up with News Corp in 2007, giving the Rupert-Murdoch owned firm a 50% share of its subsidiary Broadcast Middle East (BME).