Word: rotana
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Alwaleed: No doubt, we were impacted like anybody else. Most of my wealth is in Kingdom Holding, but I have outside assets that are not being publicly traded. Like my regional [Arabic] media companies, Rotana and LBC. And I have a lot of personal real estate outside Kingdom Holding. All in all, we're withstanding it well...
While MTV may have popularized the music video, in the Middle East it is chasing its clones. Competitor Rotana has four Beirut-based music channels, financed by Saudi billionaire Prince al-Waleed bin Talal. Melody, out of Cairo, is controlled by Egyptian telecoms magnate Naguib Sawiris. Mohammed Yanez, MTV talent and music director, says his channel will be different. Sure, there will be stars like Elissa, Nancy Ajram and Amr Diab, but Yanez wants a little less melodrama. "We are always weeping in Arabic music," he complains. He plans to mix it up with Arab hip-hop, a genre that...