Financial media giant Bloomberg LP is reportedly in talks with Prince Alwaleed bin Talal al-Saud of Saudi Arabia to launch a new Arabic-language business news channel.
Neal Ungerleider of Fast Company writes, “Regional newspapers are reporting that Bloomberg and Alwaleed are in talks to launch the new channel, which would be formally announced within the next two months. Bloomberg already has a separate Turkish-language channel.
“For the Middle East, this will mean a major new business-media player from abroad. Right now the world of Arabic-language business channels is dominated by CNBC Arabia, with Al Jazeera trying to catch up through the network’s financial programming. Al Jazeera lacks a dedicated business channel. In the meantime, Bloomberg’s expansion into the Middle East is a preemptive strike against Murdoch. British Sky Broadcasting’s Sky News Arabia (currently in the news for its ties to Murdoch) is slated for a 2012 launch.
“In essence, this will mean Alwaleed will be competing against himself. Alternately, it could mean Alwaleed — a media tycoon who controls much of the Arabic-language pop music and film industries — is hedging his bets when it comes to Murdoch’s current troubles.”
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