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Saudi Prince Alwaleed bin Talal
In Riyadh, Alwaleed announced that his Middle East regional entertainment giant Rotana Group was selling a nine percent stake to Murdoch's global media empire News Corp, a stake that could be doubled in the coming 18 months.
The two have been edging closer for some time. Through his global investment vehicle Kingdom Holdings, Alwaleed has amassed a seven percent stake in News Corp.
And Rotana broadcasts Fox Entertainment content on its Dubai-based Fox Series and Fox Movies channels.
The two sides emphasised it was a business deal aimed at exploiting the regional market.
"A stake in Rotana expands our presence in a region with a young and growing population where GDP growth is set to outstrip that of more developed economies in the years ahead," James Murdoch, Rupert's son and chief executive for News Corp in Europe and Asia, said in a statement.
But the growing closeness of the two is nonetheless an unlikely match.
Murdoch's leading news outlets like Fox News, the Wall Street Journal and the New York Post in the United States and the Times, and Sky TV and the Sun in Britain, are often accused of an anti-Arab, pro-Israel bias.
Murdoch has made no bones about his uncritical support of Israel for decades, and has received a number of awards from Jewish groups.
Last year he told the influential American Jewish Committee that the world is experiencing "a growing assault on both the legitimacy and security of the State of Israel."
On the other hand Alwaleed, known in his country as a progressive, is a strong supporter of Arab causes -- though not stridently vocal against Israel.
Rotana's bouquet of free-to-air satellite channels targets an Arab world from Morocco to Iraq that would likely not have a generous view of Murdoch's politics.
Indeed, Rotana's Khalijia channel recently began airing the controversial Turkish series "Valley of the Wolves," which sparked a diplomatic row for its negative portrayal of Israelis.
Rotana advertisements for the show remind viewers that the series, which Israel labelled anti-Semitic, was behind the Turkish-Israeli spat.
Alwaleed acknowledged the difference in Tuesday's press conference.
"It's not only Fox that in general is against the Arab world. It's an American syndrome," he said.
"We will always do our best to lower that tone."
Some in America regard Alwaleed as the public face of Saudi Arabia's hardline brand of Islam.
Outside of financial markets where he is known as the biggest individual shareholder of Citigroup, Alwaleed is best known for his offer of ten million dollars to New York City for disaster relief after the September 11 attacks.
The offer was rejected by then-New York mayor Rudi Giuliani, citing Alwaleed's offending letter which asked Americans to consider how US Middle East policy might be linked to the attacks.
At the time Murdoch's news outlets lambasted the Saudi prince.
Fox News star Sean Hannity called it "an egregious, outrageous, unfair offense."
But more recently Fox has gotten in trouble with its supporters for bending to pressure from Alwaleed on its coverage.
When in 2005 Alwaleed was reported saying he had influenced how Fox News depicted rioting in heavily Muslim suburbs in France, the conservative Accuracy in Media group called for an investigation.
"This report underscores the danger of giving foreign interests a significant financial stake in US media companies," the group said.
After Alwaleed gave an interview to Fox News this January, too, conservatives blasted the network for its alleged kid-glove treatment.
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The two have been edging closer for some time. Through his global investment vehicle Kingdom Holdings, Alwaleed has amassed a seven percent stake in News Corp.
And Rotana broadcasts Fox Entertainment content on its Dubai-based Fox Series and Fox Movies channels.
The two sides emphasised it was a business deal aimed at exploiting the regional market.
"A stake in Rotana expands our presence in a region with a young and growing population where GDP growth is set to outstrip that of more developed economies in the years ahead," James Murdoch, Rupert's son and chief executive for News Corp in Europe and Asia, said in a statement.
But the growing closeness of the two is nonetheless an unlikely match.
Murdoch's leading news outlets like Fox News, the Wall Street Journal and the New York Post in the United States and the Times, and Sky TV and the Sun in Britain, are often accused of an anti-Arab, pro-Israel bias.
Murdoch has made no bones about his uncritical support of Israel for decades, and has received a number of awards from Jewish groups.
Last year he told the influential American Jewish Committee that the world is experiencing "a growing assault on both the legitimacy and security of the State of Israel."
On the other hand Alwaleed, known in his country as a progressive, is a strong supporter of Arab causes -- though not stridently vocal against Israel.
Rotana's bouquet of free-to-air satellite channels targets an Arab world from Morocco to Iraq that would likely not have a generous view of Murdoch's politics.
Indeed, Rotana's Khalijia channel recently began airing the controversial Turkish series "Valley of the Wolves," which sparked a diplomatic row for its negative portrayal of Israelis.
Rotana advertisements for the show remind viewers that the series, which Israel labelled anti-Semitic, was behind the Turkish-Israeli spat.
Alwaleed acknowledged the difference in Tuesday's press conference.
"It's not only Fox that in general is against the Arab world. It's an American syndrome," he said.
"We will always do our best to lower that tone."
Some in America regard Alwaleed as the public face of Saudi Arabia's hardline brand of Islam.
Outside of financial markets where he is known as the biggest individual shareholder of Citigroup, Alwaleed is best known for his offer of ten million dollars to New York City for disaster relief after the September 11 attacks.
The offer was rejected by then-New York mayor Rudi Giuliani, citing Alwaleed's offending letter which asked Americans to consider how US Middle East policy might be linked to the attacks.
At the time Murdoch's news outlets lambasted the Saudi prince.
Fox News star Sean Hannity called it "an egregious, outrageous, unfair offense."
But more recently Fox has gotten in trouble with its supporters for bending to pressure from Alwaleed on its coverage.
When in 2005 Alwaleed was reported saying he had influenced how Fox News depicted rioting in heavily Muslim suburbs in France, the conservative Accuracy in Media group called for an investigation.
"This report underscores the danger of giving foreign interests a significant financial stake in US media companies," the group said.
After Alwaleed gave an interview to Fox News this January, too, conservatives blasted the network for its alleged kid-glove treatment.
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