Belvatnik is willing to pay the Saudi prince 10m on the stars of Arab music – global markets

Len Belvatnik, who owns the giant Warner Music Company (NYSE: WMG) under the auspices of Doa Lipa, Lizo, Eric Clapton and other leading artists in the world, now wants to add to them also hot names from the Middle East like George and Suf the Syrian and Sheerin ‘Abd al-Wahab of Egypt Big deal with Saudi Prince Al-Walid bin Talal.

The billionaire Belvatnik, who is, among other things, the controlling owner of Channel 13 and in general industries that dominate companies such as the cement manufacturer Nesher,

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, Issued Warner Music on NASDAQ last June at a value of $ 12.7 billion. Since then, the stock has risen about 40 percent to a value of $ 18 billion. It is one of the three largest music companies in the world, with Universal and Sony Music Group alongside it. Lots of labels.

Now, the Wall Street Journal reports that the company is nearing the conclusion of negotiations to acquire a stake in Ben Talal’s Ruthana Music, at a price that reflects a value of $ 200 million. Of the latter in the amount of eight digits, ie at least $ 10 million.Even two years ago, the explorations between the parties began.

Warner is therefore interested in reaching the audience in the Arab world through Rothana’s catalog, and she intends to do the same through Rothana’s holdings in the streaming service, in which she invested $ 270 million about three years ago. Although Dizer is not a player on the Spotify and Apple Music scale, it operates in 180 countries, with 16 million users, and is the sole distributor of the Rothana catalog.

Also, Saudi Crown Prince Muhammad bin Salman aspires to make Saudi Arabia a center of performances, both for Arab and Western music stars. In this context, Rothana of course benefits from the performances of the artists working under her, and Warner also wants to enjoy the planned boom in this field.

Warner will then acquire part of Rothana’s music company, which is just part of an even larger media group that owns TV channels, radio stations, a film production company and hotels. The owner of the entire group is Kingdom Holdings of Ben Talal, which moved in the first nine months of 2020 to a loss of about $ 350 million, compared to a profit of about $ 100 in the corresponding period. Kingdom is currently traded on the Saudi stock exchange at a value of about $ 7.5 billion.

Ben Talal’s fortune was estimated at about $ 32 billion until about five years ago, and since then it has been estimated that more than half has been cut to about $ 13 billion today, after he was arrested in 2017 by the Saudi government due to his opposition to Ben Salman’s policy. After two months in unknown circumstances.