Jan 18, 2010, 12:13 GMT
Saudi's Prince Alwaleed bin Talal has met Rupert Murdoch to discuss "future potential" alliances.
The prince - who is one of Saudi Arabia's richest businessman - held talks last week with the chief executive officer of News Corporation, in New York, about projects they may work on together in the future.
The meetings, which mainly focused on "economic and investment issues, especially in the media sector", specifically touched on Rotana Media, which provides Arabic and English television content in the Middle East and is owned by the prince.
It was reported last month that Alwaleed was looking to sell a 10 percent stake to News Corporation for an undisclosed amount.
According to a statement released by the prince's office yesterday (17.01.10), this is the strongest signal yet that the international media giant's plans to buy a stake in the Saudi company are nearing fruition.
If the deal goes ahead it would significantly strengthen the ties between two of the world's leading media moguls.
The prince has helped build Rotana into one of the largest media conglomerates in the Arab world, with holdings in print, television, radio, film, digital and music.
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