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UK: Saudi Prince sells his stake in 21st Century Fox

 |  November 9, 2017

Saudi Prince alWaleed bin Talal, a key ally of Rupert Murdoch, sold his stake in the 21st Century Fox – leaving the Murdoch family vulnerable to a rebellion from the company’s shareholders.

One of the richest man in the world, Prince alWaleed owned 6%  of Fox through investment firm Kingdom Holding at one point. A shareholder in various Murdoch companies including Fox, News Corp, Times and Wall Street Journal, the Saudi prince has consistently backed the Murdoch family into keeping the controlling share. He even publically supported Murdoch after the phone-hacking scandal at the News of the World in 2011.

It is not clear why he sold the stake or to whom. The sale represents the loss of an ally for the Murdochs and adds an extra twist to reports this week that Fox held talks with Disney about selling most of the company.

The Murdochs control about 39% of the voting rights in Fox, giving them control of the key decisions, but own only about 17% of the shares.

Full Content: The Guardian

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