Rupert Murdoch’s News Corp. (NWSA) has raised its stake in Rotana, the media company controlled by Saudi billionaire Prince Alwaleed bin Talal, to 18.97 percent from 14.53 percent, The National reported, citing an unidentified spokeswoman.

News Corp. increased its stake in Rotana, which runs several television and radio stations, by exercising the remaining half of an option to buy new shares issued by Rotana for $35 million, the Abu Dhabi-based newspaper said, citing the Rotana spokeswoman.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net