Media magnate Rupert Murdoch’s conglomerate News Corporation will buy shares of the Georgian media holding company Imedi, which unites the Tbilisi-based television and radio stations owned by tycoon Badri Patarkatsishvili, Imedi TV reported on April 29.

A preliminary agreement was signed by Rupert Murdoch and Badri Patarkatsishvili in New York on April 28, according to this report.

Imedi TV reported that News Corp bought “a significant part of the shares” of Imedi Holding “but the details of the deal remain confidential.” Some other Georgian media sources, including Rustavi 2 TV, which is Imedi TV’s major competitor, reported that Badri Patarkatsishvili sold 30% of his shares.

News Corp, which has total annual revenues of approximately USD 24 billion, is the first foreign corporation to invest in the Georgia's media market.

“A decision has been made that Rupert Murdoch’s multinational News Corporation will become Imedi TV and radio Imedi’s partner, which I think is a very significant fact for Georgia, which gives us possibility to increase [international] interest in our country. This is one of the most remarkable days in my life and I want to congratulate Georgia and the Imedi staff,” Badri Patarkatsishvili told Imedi television.