Media conglomerate News Corporation acquired a minority stake in the Moby Group, an Afghanistan-based media company founded by four members of the Mohseni family in 2002, on Monday, investing an undisclosed amount.
Additionally, News Corporation is transferring its 50% stake in Broadcast Middle East (BME), a Farsi-language television company launched as a joint venture for the two firms, to Moby, which will now be the sole owner.
BME currently operates two channels in Farsi – FARSI1 and Zemzemeh – which broadcast across the Middle East and central Asia, with Iran a key market. Altogether, Moby operates several television channels, as well as radio stations and a production house.
James Murdoch, deputy chief operating officer at News Corporation, said, "Merging our Farsi joint venture into Moby allows us to expand our activities with what is surely one of the most dynamic and exciting media businesses in emerging markets anywhere. The Mohsenis are true pioneers and we are pleased to be able to invest alongside them in these challenging, yet very promising markets."
A representative from News Corp will take a seat on Moby’s board of directors in conjunction with the deal, though the identity of the board member is yet to be publicly disclosed.