Rupert Murdoch gets support from key shareholder

MUMBAI: News Corp shareholder Prince Alwaleed bin Talal issued a statement saying that he continues to see the company as a valuable and long term investment and had confidence in the leadership of Rupert Murdoch.

"I continue to see News Corp as a valuable and long term investment and remain both supportive of and confident in the leadership of Rupert and James Murdoch," the Saudi billionaire said in a statement.

The second biggest shareholder in News Corp., Prince Alwaleed has a seven per cent stake in News Corp and is viewed as an important ally of the Murdoch family. Last year News Corp spent $70 million (?43 million) on a stake in the Prince‘s Rotana media company. 

It was the Saudi billionaire‘s intervention in calling for Rebekah Brooks‘ "to go" as News International chief executive that was seen as instrumental in her decision to resign and Rupert Murdoch‘s willingness to accept her resignation.