Saudi Prince Alwaleed's Kingdom Holding sells most of its stake in News Corp.

RIYADH, Saudi Arabia – The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold off most of its stake in Rupert Murdoch’s News Corp.

Kingdom Holding said on Wednesday it has reduced its stake in the New York-based owner of The Wall Street Journal and other, mostly print media properties, to about 1 per cent, from 6.6 per cent previously. It says the sale generated $188 million.

Alwaleed says the move was part of a general portfolio review, and that Kingdom remains “firm believers in News Corp.’s competent management.”

Kingdom says it continues to maintain a 6.6 per cent stake in Twenty-First Century Fox, which holds TV and movie properties. News Corp. split off from that company in 2013.