Saudi prince sells most of his News Corp stock for £125m

The Saudi Arabian billionaire, Prince Al Waleed bin Talal, has sold a substantial stake in Rupert Murdoch’s publishing company, News Corp, reports Bloomberg.

His investment firm, Kingdom Holdings, announced to the Saudi stock exchange that it had cut its ownership in News Corp from 6.6% (13m shares) to about 1% (2m shares), netting some $190m (£125m) in the process.

Al Waleed, who had the second-largest holding of voting stock in News Corp after the Murdoch family, stood by Murdoch during the phone-hacking scandal by supporting the family’s continued running of the company.

In a statement, Al Waleed said: “The reduction of Kingdom’s holding in News Corp has been decided in the context of a general portfolio review.

http://www.theguardian.com/media/greenslade/2015/feb/04/saudi-prince-sells-5-of-his-news-corp-stock-for-125m