BURBANK, Calif., Jan. 26 (UPI) -- The Walt Disney Co., still struggling to stop losing money at its Paris resort, is talking with an ultra-rich Saudi prince about getting some cash -- again.
Alwaleed bin Talal, the fifth richest man in the world and grandson of Saudi Arabia's founding monarch, came up with $300 million for Euro Disney in 1993 for a 24 percent stake in Euro Disney, the Los Angeles Times reported Monday.
He became the second-largest shareholder behind parent company Disney, whose stake in the company that owned Euro Disney was reduced to 39 percent from 49 percent.
Last year, with problems continuing, Disney decided to forgo millions in royalty and management fees from the French resort. It also provided $52 million in backup financing.
Disney executives hope the measures, along with an advertising blitz, will buy Euro Disney time to restructure its debt and allow the company to press the prince for help.
Disney chairman Michael Eisner and Alwaleed were expected to talk Monday in Burbank about the troubled resort.
