London / Dubai, January 16, 2012 - News
Corporation and MOBY Group (MOBY) today announced that they
have reached an agreement under which News Corporation will
become a minority investor in MOBY, a media company
headquartered in Dubai and active in Central Asia,
principally Afghanistan, and the Middle East. Under the
terms of the agreement, News Corporation will contribute
its 50 percent shareholding in Broadcast Middle East (BME),
its Farsi-language TV joint venture with MOBY, for a
minority shareholding in MOBY and will also provide growth
capital to MOBY for its expansion plans. BME will become a
wholly-owned subsidiary of MOBY following the investment.
Through BME, News Corporation and MOBY have launched two successful Farsi-language channels, FARSI1 and Zemzemeh, reaching millions of Farsi speaking audiences across Central Asia and the Middle East.
The agreement with News Corporation will enable MOBY to strengthen its leadership position across the regions in which it currently operates whilst working to expand its presence in new and emerging markets. MOBY will continue to be chaired by Saad Mohseni while Zaid Mohseni will continue to serve as Chief Executive Officer of BME.
News Corporation will provide strategic guidance and input via representation on the MOBY Board of Directors.
James Murdoch, Deputy Chief Operating Officer and Chairman and CEO, International, News Corporation said, "Merging our Farsi joint venture into MOBY allows us to expand our activities with what is surely one of the most dynamic and exciting media businesses in emerging markets anywhere. The Mohsenis are true pioneers and we are pleased to be able to invest alongside them in these challenging, yet very promising markets."
Saad Mohseni, Chairman, MOBY Group said, "We are
delighted to have in News Corporation both a partner with a
long track record of growing entrepreneurial, innovative
businesses and an investor that sees value in entering
parts of the world which many media organizations have not
traditionally looked to. Today's agreement both
recognizes the value we have created together in Broadcast
Middle East and enables us to continue to grow MOBY for the
future."
Notes to Editors:
Over the past decade News Corporation has committed to
reaching underserved audiences across the Middle East both
through wholly owned businesses and partnerships. This
includes bringing Dow Jones, Harper Collins and 20th
Century Fox to the region and providing popular channels
under the Star, FOX, FIC and National Geographic brands to
viewers across the Middle East. In addition, News
Corporation's investment in the Middle East media
sector includes its 14.53 percent interest in Rotana
Holding, one of the largest TV networks and ad sales
operations in the region. News Corporation, through its
shareholding in BSkyB, is fully supportive of BSkyB's
50-50 joint venture with Abu Dhabi Media Investment Corp
(ADMIC) to supply the region's first, free-to-air
Arabic-language news channel, Sky News Arabia, which will
launch in 2012.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had
total assets as of September 30, 2011 of approximately
US$60 billion and total annual revenues of approximately
US$34 billion. News Corporation is a diversified global
media company with operations in six industry segments:
cable network programming; filmed entertainment;
television; direct broadcast satellite television;
publishing; and other. The activities of News Corporation
are conducted principally in the United States, Continental
Europe, the United Kingdom, Australia, Asia and Latin
America.
MOBY Group owns and operates world-class integrated media
industries in developing nations. Its popular and
award-winning brands in Afghanistan include TOLO TV, LEMAR
TV, ARMAN FM, Arakozia FM, Afghan Scene Magazine, TOLOnews
and Kaboora Production. MOBY Group has been a JV partner
with News Corporation in the popular FARSI1 and Zemzemeh
channels, broadcasting in to Farsi-speaking audiences
across the Greater Middle East. Its estimated combined
audience size is over 45 million.
Contacts:
News Corporation
Miranda Higham +44 (0) 20 7782 6462 / mhigham@newscorp.com
Jannie Poon +852 2621 8619 / jpoon@newscorp.com
MOBY Group
Preeti Rodricks +971 50 55 61252 / preeti.rodricks@mobyhq.com
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