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Tahoon Al-Shar
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Apr 07 2012
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What is the real story behind PAC?

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The story began on May 7, 1997 when Lebanese shareholders in LBCI, along with Saudi Businessman Saleh Kamel, founded the LMH company (Lebanese Media Holding) which owns PAC ltd, LBC SAT, LBC America and LBC Europe, leaving LBCI as an independent company owned by Lebanese shareholders only.
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It is worth mentioning that 51% of PAC and LBC SAT’s shares were owned by Lebanese of whom Sheikh Pierre Daher was the largest shareholder.   In 2003, as a result of a settlement agreement between Saleh Kamel and al-Walid Ben Talal, the latter replaced Kamel in LMH Company which owns 49% of LBC SAT’s shares. Thus, LBCI preserved the number of staff needed to run the company. The rest of the staff joined PAC Company. By the end of 2008, it was decided to increase the capital by a large margin. Accordingly, Ben Talal became the largest shareholder as he won the absolute majority in PAC and LBC SAT provided that the increase in capital would be invested to improve the programs network and upgrade productivity under the supervision of Sheikh Pierre Daher. In 2010, Rupert Murdoch joined the group and thus PAC and LBC SAT were merged with Rotana and it seemed obvious that the cooperation between the Saudi prince and the owner of the biggest media empire in the world, Rupert Murdoch, would improve and develop the group. However, that never happened.
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