By Shane McGinley
Deal worth $17.86m, will be company's fourth FM licence in the Mideast region.
Rotana Group has won the third FM radio licence in Saudi Arabia at a cost of SR67m ($17.86m), the media company said on Monday.
The deal will be the fourth FM radio licence for Rotana in the Middle East region, which is chaired by HRH Prince Alwaleed bin Talal Bin Abdulaziz Alsaud. Rotana’s first FM radio station was launched in Jordan in 2005, the second in Syria in 2006 and the third in Lebanon in 2007.
Prince Alwaleed said: "Rotana is the number one and strongest media company in the Middle East." Rotana’s stations are currently the leading stations in their national markets and take advantage of the fact that Rotana also owns the largest Arabic music library in the region.
It was recently announced that Rupert Murdoch’s News Corporation has agreed to acquire a 9.09 percent stake in Rotana for $70m. News Corporation has an option to double its stake in the eighteen months following completion of the deal.
Saudi Arabia awarded its first private FM licence in January to Alf Alf