Prince Alwaleed Tells Bloomberg TV: Citigroup, Time Warner Poised to Rise

Prince Alwaleed Tells Bloomberg TV: Citigroup, Time Warner Poised to Rise

NEW YORK, Nov. 7 /PRNewswire/ -- In a live interview Sunday with Bloomberg Television(R), Prince Alwaleed bin Talal, a member of the Saudi Royal Family and the world's fifth-richest man, said that he's bullish on two underperforming, brand-name companies: Citigroup Inc. and Time Warner Inc.

As Citigroup's largest shareholder, Prince Alwaleed told Bloomberg's Brian Sullivan that the bank's shares may rise more than 50 percent to $70 a share in the next year as the company puts a series of scandals behind it and investors focus on earnings growth. Alwaleed also said that Time Warner shares will advance on the strength of its Internet unit, America Online.

"Chuck Prince is trying to put everything in place, and really the expectation for Citigroup is to go back sky high," Alwaleed told Bloomberg TV. "He's doing a good job."

Alwaleed, a nephew of Saudi King Abdullah, owns 4.3 percent of New York-based Citigroup, valued at $9.9 billion. He holds 1 percent of Time Warner, also based in New York, valued at $821 million.

Beginning today and continuing throughout the week, clips from the extensive interview will be shown on Bloomberg Television. The interview will be available to users of the Bloomberg Professional(R) service via AV < GO > in its entirety as an archived video file. On Saturday, Bloomberg Television will air the interview in its entirety beginning at 6:30 a.m. ET. The segment will repeat every 90 minutes throughout Saturday and Sunday.

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Source: Bloomberg

CONTACT: Judith Czelusniak of Bloomberg LP, +1-212-617-427,
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