Prince Al Waleed buys LBC

[SAT-WORLD]

Saudi billionaire Prince Al Waleed bin Talal,has increased his ownership stake in pan-Arab satellite channel LBC. Local reports say Prince Al Waleed now controls 85% of the operation and its partner PAC (Production & Acquisition Company).

LBC Group’s capital now stands at $123m. LBC is run by its chairman and DG Pierre Daher, who in a statement said the capital increase would strengthen the financial capacity, competitiveness and productivity of the channel. "This step comes within a comprehensive plan of 5 years, and includes all television channels affiliated to Rotana," which is said to currently be the biggest producer and distributor of Arab music and increasingly movies.

Daher emphasized that there was no risk that PAC or LBCSAT would lose their Lebanese identity. The acquisition would also benefit the local LBC channel, he added, as all programmes produced are distributed to the local and international station.

Source:Rapid Tv News