Title : Are Saudi Arabia's Billionaires Bailing Out?
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Are Saudi Arabia's Billionaires Bailing Out?
Prince Alwaleed bin Talal's (L) stake in Murdoch family companies News Corporation and 21st Century Fox has been crucial in helping to stave off bids by other shareholders. (Reuters)
ABC News Online: Rupert and the Saudi Prince: Key Murdoch ally sells off shares in 21st Century Fox
One of Rupert Murdoch's key business allies, who was arrested in last week's corruption crackdown in Saudi Arabia, has quietly sold off his $1.5 billion stake in 21st Century Fox.
The business relationship between Mr Murdoch and Prince Alwaleed bin Talal is now under new scrutiny, with Mr Murdoch's control over his family-controlled business empire looking more uncertain.
"This is very big news," Murdoch watcher and shareholder activist Stephen Mayne said after the company confirmed Prince Alwaleed had offloaded his shareholdings in Fox and News Corporation.
"He's been the number one backer of Murdoch family control of the public companies for the last 20 years."
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WNU Editor: I am sure this is raising some eyebrows in Wall Street, Riyadh, and elsewhere. Is this the shape of things to come?
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