Last updated: 20 July, 2011

Prince Alwaleed praises Murdoch

Saudi Prince Alwaleed bin Talal praised News Corp chief Rupert Murdoch and his son James Wednesday for “honest” answers on the British press scandal that has rocked the company.

Multi-billionaire Alwaleed, who controls a seven percent stake in News Corp, also expressed confidence in both Murdochs continuing to lead their embattled global media empire.

“I fully support the hearings that took place in (Britain’s) parliament as part of a necessary process to address the unacceptable practices that developed at the now-closed News of the World,” Alwaleed said in a statement.

The two Murdochs “answered all questions posed by MPs with full honesty and integrity,” he said.

“I commend my friends and partners Rupert and James for addressing these serious issues head on, cooperating fully with the official inquiries and taking the appropriate steps to bring ethical reform to News Corp,” said Alwaleed, the flamboyant nephew of Saudi King Abdullah.

News Corp also holds a 14 percent stake in Alwaleed’s Rotana media group, which distributes of News Corp products, mainly from the Fox entertainment units, over its Middle East satellite channels.