Saudi Prince Cuts Stake In News Corp

(RTTNews) - Saudi Prince Prince Alwaleed bin Talal's investment firm Kingdom Holding Co has divested a major part of stake in Rupert Murdoch's News Corp (NWS, NWSA).

Kingdom Holding reduced its stake in News Corp, which owns the Wall Street Journal and other publications, to about 1 percent from 6.6 percent. The firm said the stake-sale fetched $188 million.

The stake-sale follows a general review of the firm's portfolio, Alwaleed said, while vouching for the efficiency of News Corp's management.

Kingdom Holding still maintains a 6.6 percent stake in Twenty-First Century Fox (FOXA), the media company that was hived off from News Corp in 2013.

Murdoch's media company was split into two in 2013, following a nasty phone hacking scandal that led to the closure of its long-running British tabloid, The News of the World.