Alwaleed's Rotana to merge with LBCSAT

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Arab television network Rotana, owned by Prince Alwaleed bin Talal, is merging its media operations with Lebanon's LBCSAT in which the Saudi billionaire is a major shareholder, he said in a statement on Wednesday.

LBC's chief executive will oversee the Rotana channels according to the agreement under which the two entities will remain organisationally and financially independent and work closely to offer integrated channels, the statement said. It did not give financial details of the deal.

Prince Alwaleed bought a 49 percent share in the satellite broadcasting arm of the Lebanese Broadcasting Corporation (LBC) International, one of the leading Arab television stations, for $98 million in 2003.

Rotana is expanding its operations in movies, radio and music to cater to a market of more than 300 million Arabs in the region and abroad.

Wholly owned by Prince Alwaleed, who also controls Kingdom Holding, Rotana has said it plans to list on one of the three United Arab Emirates stock exchanges rather than in conservative Saudi Arabia, where cinemas are not allowed.

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