Saudi prince backs Rupert Murdoch, son

A Saudi prince who is the largest shareholder (outside the Murdoch family) of News Corp. said he supports Rupert Murdoch and his son, James, and believes they will survive the fallout from the phone hacking scandal.

In an interview on CNN's "Piers Morgan Tonight," Saudi Prince Alwaleed bin Talal al Saud said that Murdoch should strengthen corporate governance rules and tighten internal controls at the company, which has been rocked by revelations that Murdoch employees used illegal surveillance techniques (such as hacking cell phone voice mails) and bribed police to get stories.

Alwaleed told Morgan that he is "not worried" about the future of the company: "I interact with News Corp and I see a lot of depth at the management level, and at all levels."

Alwaleed (who owns about 7 percent of News Corp. through his Kingdom Holding Co.) has expressed his backing of Murdoch before, issuing a statement following their testimony at a Parliamentary hearing Tuesday that he remains "both supportive and confident in the leadership of Rupert and James Murdoch."

The Murdochs answered "all questions" at the July 19 hearing with "full honesty and integrity," said Alwaleed. He also said he supports the inquiry as "part of a necessary process to address the unacceptable practices that developed at the now closed News of the World."

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Bloomberg News writes today that Alwaleed has not restrained himself from expressing an attitude that goes against the Murdochs. He told the BBC that Rebekah Brooks, the CEO of News International, should resign even as Rupert Murdoch publicly supported her. Brooks resigned the next day.

When asked last night whether the claims of ex-Murdoch employees that James Murdoch gave inaccurate testimony to the House of Commons committee has shaken his support, Alwaleed said both

Murdochs have shown high integrity and honesty, but added that the investigation into the hacking scandal should take its course.