Rumor has it that Saudi Crown Prince Mohammad bin Salman is considering a $50 million, 10% stake in The Buffalo Chronicle Media Group‘s American-based subsidiary. The financing arrangement is expected to aggressively expand this publication’s coverage of Canadian society, government, and politics.
That growth trajectory is expected to include an Ottawa-based news bureau and a network of remote coorespondents located across the county — with at least one investigative reporter located in each of Canada’s major metros: Toronto, Montreal, Vancouver, and Calgery.
The deal is expected to close shortly after the New Year.
It will not be subject to review by the federal Committee on Foreign Investment in the United States (CFIUS), the inter-agency committee of federal buraucracies that reviews the national security implications of foreign investments in U.S. companies or operations. The Trump administration supports the transaction.
Bin Salman chairs The Public Investment Fund (PIF). It is among the largest sovereign wealth funds in the world with total estimated assets of $382 billion. It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia.