Confirming deal, NWS invests $70 million in Rotana

The company announced yesterday that it had agreed to buy 9.1% of Middle East TV network Rotana Group; the company is owned by Prince Alwaleed Bin Talal (left); he's a major investor in News Corp. as well, holding a 7% stake. The deal is valued at $70 million, the company said in a statement.

The Wall Street Journal had reported last month that talks were underway between Alwaleed and CEO Rupert Murdoch.