Prince buys 49% stake in channel

Prince Alwaleed Bin Talal Bin Abdulaziz al Saud, chairman of Saudi Arabia's Kingdom Holding Company (KHC) bought a 49% stake in LBCSAT, the Lebanon-based satellite television channel.

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By  Vijaya Cherian Published  December 23, 2003

Prince Alwaleed Bin Talal Bin Abdulaziz al Saud, chairman of Saudi Arabia's Kingdom Holding Company (KHC) bought from Sheikh Saleh Kamel, chairman of ART, a 49 per cent stake in LBCSAT, the Lebanon-based satellite television channel. Alwaleed attended a ceremony in Adma recently to announce the deal with LBCSAT officials.

"LBCSAT has won out against fierce competition and a history of serious obstacles to be one of the Middle East's leading satellite television broadcasters. At KHC we always search for value companies and view the acquisition of a stake in LBCSAT as a major boost to our portfolio," said Alwaleed.

Sheikh Pierre El Daher, chairman of LBCSAT said, "Al Waleed's new partnership with LBC has boosted the station to the highest communication standards. We are used to achieving our dreams alone, and with the biggest dreamer and the biggest achiever on our side, our dreams have become an even more tangible reality."

The announcement of the new deal between Prince Al waleed Bin Talal and LBCSAT comes on the eve of the launch of the new Arabic programm Star Academy or Al Akademia, which is produced by PAC. The group's Production and Acquisition Company (PAC) generates many popular shows. With its 1,200 square meters, the new facility in Adma is the largest in the Middle East. The new studios will be used as main studio for Star Academy. Worldwide, LBC broadcasts via LBC America, LBC Europe and LBC Australia as LBC Plus.

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