- December 3, 2003:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz alsaud, Chairman of Saudi Arabia’s Kingdom Holding Company (KHC) has bought a 49 per cent stake in LBCSAT, the Lebanese based satellite television channel from Sheikh Saleh Kamel, Chairman of ART. Prince Alwaleed bin Talal attended a ceremony in Adma yesterday to announce the deal with LBCSAT officials.
One of the Arab world’s foremost entrepreneurs, Prince Alwaleed owns shares through entities for his benefit and the benefit of his family in a number of the world renowned media companies, including a six per cent stake in Rupert Murdoch’s News Corporation, a 17.3 per cent share of Disneyland Paris, a stake in Time Warner, another in Walt Disney Company, a 20 per cent stake in the Planet Hollywood chain, Rotana Audiovisual Company, and many shares in a number of Arab newspapers.
”LBCSAT has won out against fierce competition and a history of serious obstacles to be one of the Middle East’s leading satellite television broadcasters. At KHC we always search for value companies and view the acquisition of a stake in LBCSAT as a major boost to our portfolio,” said Prince Alwaleed.
”This important occasion marks a communication goal reaching the highest standards of ambition, success and accomplishment set by his Highness Prince Alwaleed. A solid tie between the Arab Communication and the worldwide Communication has been created by His Highness through his investments in this sector and his personal interest in all his partnerships” said Sheikh Pierre El Daher, Chairman of LBCSAT. ”Prince Waleed’s new partnership with LBC has boosted the station to the highest communication standards […] we are used to achieving our dreams alone, and with the biggest dreamer and the biggest achiever on our side, our dreams have become an even more tangible reality”, Sheikh Pierre el Daher added.
The announcement of the new deal between Prince Al waleed Bin Talal and LBCSAT comes on the eve of the launch of the new Arabic programm Star Academy or Al Akademia, which is produced by PAC.
PAC (Production and Acquisition Company) is the group’s production company and generates many popular shows. With its 1,200 square meters, the new facility in Adma is the largest in the Middle East. The new studios will be used as main studio for Star Academy. Worldwide, LBC broadcasts via LBC America, LBC Europe and LBC Australia as LBC Plus.
The Lebanese Broadcasting Corporation was launched in 1985 and became LBC International with the end of Lebanon’s civil war. A free satellite channel, LBCSAT was launched in 1996. Together they form one of the Middle East’s leading broadcasting brands.
Prince Al-Walid, 48, the Arab world’s leading businessman, is closely watched by world markets for his investments. The billionaire prince’s ability to spot a rising company has made him one of the world’s fifth working businessman.
Sheikh El Daher conducted Prince Alwaleed on a tour of the new PAC Building, and a ceremony annoucing the deal followed.