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1/26, 7:27 PM (Source: TeleTrader)
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Warner Music to buy stake in Saudi Rotana - report

Warner Music Group is planning to set in motion a deal to buy $200 million worth of stocks from Rotana Music, a Middle Eastern music company owned by Saudi billionaire Prince Al-Waleed bin Talal, the Wall Street Journal reported on Tuesday.

Prince Al-Waleed has been reportedly in negotiations with Warner Music since 2018. Saudi Arabia has a demographic of 35 million people, 72% of which are social media users and likely to be content viewers of the partnership in question.

The arrangement encompasses two influential companies in the industry as Warner Music is one of the world's biggest music producers, while Rotana Music is the Arab world's largest record label, handling Mideast's most popular singers.

Breaking the News / LH