Warner Music takes stake in Prince Al-Waleed’s Rotana Music
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Keach Hagey
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Warner Music Group Corp. has agreed to buy a minority stake in Saudi billionaire Prince al-Waleed bin Talal’s Rotana Music, in a deal that would expand Warner’s presence in the Arab world while extending the global reach of Rotana’s roster of artists.
The companies made the announcement on Tuesday but declined to disclose the size of the stake or any other financial terms. The Wall Street Journal had previously reported that the companies were nearing a deal that would have valued Rotana at close to $200 million.