RIYADH: Prince Alwaleed bin Talal has raised his ownership stake in LBC Sat to around 85 percent by providing a capital increase of $78 million, according to a press release issued yesterday. LMH Group is the owner of LBC Sat, the satellite broadcast channel, and PAC, the television broadcast production company, raising its total capitalization from $25 to $123 million to further fund the long-term development of the Beirut-based group. The prince’s stake in the LMH Group has increased from 49 percent to around 85 percent.
The increased capital will help strengthen LBC Sat’s position in the Arab satellite broadcast market in terms of competitiveness, productivity and financial depth, while maintaining its distinct Lebanese identity.
“This significant investment stands as a firm vote of confidence in its future growth potential of this leading channel in the region, contributing to the overall growth of the ever-resilient Lebanese nation as a whole,” said Prince Alwaleed.
Terrestrial channel LBCI in which the prince does not hold a stake, was not involved in the agreement and will retain its independence. LBCI will nevertheless benefit from the programming available on the satellite network and through PAC. This move is part of a larger strategy that will be implemented over the course of five years, which will encompass growth at LBC Sat and all Rotana TV channels, fully owned by Prince Alwaleed.