Saudi investor Sultan Muhammad Abuljadayel has come to terms with UK publisher The Independent as he takes a major share in the company.
The Middle East Eye reports that the 42-year-old has taken between a 25% and 50% stake in The Independent’s holding company, a move that will see him effectively run the publication alongside Russian billionaire Evgeny Lebedev.
A spokesman for The Independent told The Guardian: “The editorial independence of The Independent has been formally protected by a new agreement between the shareholders.
“To secure further strategic growth for The Independent, Independent Digital News and Media has expanded its investor base to include a minority shareholding by Sultan Abuljadayel. The new investment and the guarantee of editorial independence will allow the Independent to flourish into the future.”
The deal reportedly values The Independent at £100m.