Alex Constantine - July 6, 2010
The Associated Press
RIYADH, Saudi Arabia — The Kingdom Holding company, headed by Saudi billionaire Prince Alwaleed bin Talal, says it plans to launch a new Arabic television news channel in partnership with the Fox network.
In a statement Tuesday, Prince Alwaleed says the 24-hour broadcast channel "will be an addition and alternative" to Al-Arabiya and Al-Jazeera.
He named veteran Saudi journalist Jamal Khashoggi chief of the new network.
He did not say when the network would begin broadcasting.
Alwaleed was ranked last year by Forbes as the world's 19th wealthiest person. He also owns the Arabic media giant Rotana Group.
In February, Fox said it was becoming a partner with Rotana by taking over 9.1 per cent of its shares.