Prince Al Waleed sells most of stake in News Corp

Prince Al Waleed bin Talal, the Saudi prince who stood by Rupert Murdoch during the phone-hacking scandal, has sold most of his stake in News Corp. Kingdom Holding Company, Prince Al Waleed’s investment vehicle, sold about SR705m ($188 million) of B shares in the company 00 cutting its stake from 6.6 percent to 1 percent.

Prince Al Waleed had used his stake to bolster Mr Murdoch during the 2011-12 phone-hacking scandal, where the media billionaire was heavily criticised and his son, James Murdoch, faced a protest vote from investors. His voting power was subsequently reduced, in line with US laws on foreign ownership.