MANAMA: Prince Alwaleed bin Talal bin Abdulaziz Alsaud's Kingdom companies now own 5.46 per cent stake in media moghul Rupert Murdoch's firm News Corporation.
Kingdom said it owns 56 million shares of News Corporation Class B voting shares. These replace the Class A non-voting shares of News Corporation previously owned by the company.
"Last November I said that I had the utmost confidence in Murdoch, his management team and his succession planning, and that if necessary, the Kingdom Companies would replace their non-voting shares with voting shares and potentially purchase additional shares in support of Murdoch and his plans.
"The Kingdom companies now own a significant interest in News Corporation voting shares ... and may purchase more if the situation warrants."
Kingdom companies are owned by a trust for the benefit of Prince Alwaleed and his family.
Prince Alwaleed and related trusts and other entities have made substantial investments in multiple sectors including hotels, banking, media, telecommunications, technology, entertainment, construction and real estate, among numerous others.