News

News Corp acquires stake in MOBY group

News Corporation is expanding its partnership with MOBY Group, having reached an agreement to become a minority investor in Dubai-based media company MOBY.

Under the terms of the deal, News Corp will contribute its 50% shareholding in its Farsi-language TV joint venture with MOBY, Broadcast Middle East (BME), for a minority stake in MOBY. News Corp will provide capital to help fuel MOBY’s expansion plans and BME will become a wholly-owned subsidiary of MOBY.

The move is hoped to strengthen MOBY’s position across regions in which it currently operates in, including Central Asia, principally Afghanistan and the Middle East. The investment is also hoped to expand MOBY’s presence in new and emerging markets.

Saad Mohseni will remain as chairman of MOBY and Zaid Mohseni as chief executive of BME. News Corp will be represented on the MOBY board of directors.

“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,” said James Murdoch, deputy chief operating officer and chairman and chief executive, international, News Corporation. “The Mohsenis are true pioneers and we are pleased to be able to invest alongside them in these challenging, yet very promising markets.”

Jenni Baker, London