Quick: What would be the biggest casualty of a merger between the Saudis and two of the West's most influential media moguls? Answer: the truth.

Saudi Prince Alwaleed bin Talal announced this week he will launch a pro-Islamist 24-hour news network with New York Mayor Michael Bloomberg's privately held news service.

The deal has Bloomberg News providing five hours of financial and economic news programming throughout the day on the new "Alarab" channel, which the prince says will be "right of Al-Jazeera" — that is, even more radical. It will no doubt promote Alwaleed's notoriously anti-Israel agenda.

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