The Jakarta Post, Adam
Schreck, The Associated Press, Dubai, United Arab Emirates | Mon, 12/19/2011
Saudi
billionaire Prince Alwaleed bin Talal and his investment company said Monday
they are investing a combined US$300 million into the microblogging site
Twitter.
The joint
investment with Alwaleed's Kingdom Holding Co. follows months of negotiations
and represents a strategic stake in Twitter, according to the Riyadh, Saudi
Arabia-based investment firm.
Alwaleed,
who has a long history of investing in media and technology, said the deal
represents an interest in investing "in promising, high-growth businesses
with a global impact."
Twitter
allows users to send short messages of up to 140 characters. It has been
instrumental in connecting protesters and relaying on-the-ground developments
during this year's Arab Spring uprisings.
"We
believe that social media will fundamentally change the media industry
landscape in the coming years. Twitter will capture and monetize this positive
trend," Ahmed Halawani, KHC's executive director of private equity and
international investments, said in a statement.
Alwaleed is
the main shareholder in KHC, which has a major stake in Citigroup Inc. KHC also
holds stakes in other Western giants, including Apple Inc. and Rupert Murdoch's
News Corp.
In February
2010, Alwaleed's Rotana Group media company agreed to sell a stake of just over
9 percent to News Corp. for $70 million.
Alwaleed is
in the process of launching a new Arabic news channel that will challenge
established players such as Qatar's Al-Jazeera and Saudi-funded Al-Arabiya.
The
channel, which will be called Alarab, is expected to begin operations next year
and will feature reports from business news service Bloomberg LP. Alwaleed has
said he hopes the new network will focus on the shifts taking place across the
Arab world, with an emphasis on freedom of speech and of the press.
KHC also
owns a sizable stake in a Saudi media company that publishes the influential
Arabic newspaper Asharq al-Awsat and other publications.
|
Spending
spree: Saudi billionaire Prince
Alwaleed bin Talal has announced today
that he
is investing $300 million into social
networking site Twitter
|
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|
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