(MENAFN) The Chief Executive Officer of Meditel said that the Moroccan telecom company has signed a deal with Rotana Media, as part of a drive to lure more young subscribers with diverse mobile content and Internet services, Reuters reported.
Spain's Telefonica and Portugal Telecom (PT) both sold 32.2 per cent stakes they had owned in Meditel since it was launched 10 years ago. Moroccan privately owned Finance.com and state investment fund CDG now own equal stakes in Meditel which they bought for a total of 1.15 billion in September.
Meditel competes with Moroccan former monopoly Maroc Teleco, in which France's Vivendi has a majority stake, and Wana, the telecoms arm of the country's biggest private conglomerate.
Rotana, part of Saudi billionaire Prince Alwaleed Bin Talal's Kingdom Holding company, plans to strike similar deals with firms in the region and beyond if the partnership with Meditel proves successful.
Rotana controls 85 percent of the music market among the Arab world's more than 300 million population and has 60 percent of its film distribution and production market.