Saudi Arabia Public Investment Fund (PIF) has taken a 54% stake in the MBC Group as it seeks to strengthen its position as a key player in the MENA region’s media and entertainment landscape.
The Riyadh-based MBC Group announced that PIF had acquired a 54% in the company from Istedamah Holding Company’s (a subsidiary of the Saudi Finance Ministry) for an aggregate price of SAR 7,469 million ($1.9B), at a price of SAR 41.60 ($11) per share.
PIF’s plan to take a stake in the group was first announced in a filing to the Saudi stock exchange in November 2024.
The deal was carried out through a private transaction between PIF and Istedamah Holding Company.
The MBC Group, which is the biggest media and entertainment group in the MENA region, was launched in London in 1991 as the Arab world’s first private satellite network by Saudi businessman Waleed bin Ibrahim Al Ibrahim, who still owns a 40% stake in the group and is its chairman.
The group moved to Dubai in 2002, where it established one of the biggest broadcasting HQ’s in the region.
Following the launch of Saudi Arabia’s Vision 2030 strategy, spearheaded by Saudi Prime Minister Mohammed Bin Salman to open the country up and move its economy away from a reliance on oil, it was announced that the group would move its HQ to Riyadh.
This was done progressively with the group opening a new HQ in the capital in 2022.
Today, the group runs 19 free-to-air channels lead by MBC1, MBC2, MBC3 and also including niche offerings such as MBC Bollywood and MBC Iraq, as well as its burgeoning Shahid streaming platform. It is also home to the MBC Studios production company.
In a statement announcing the finalization of the PIF acquisition, the MBC Group said it remained dedicated to “producing and investing in high-quality, premium Arabic content that is regionally relevant and resonates with the Arabic diaspora globally.”
Looking forward, the group added that it would continue to grow its production capabilities, particularly in Saudi Arabia.
It added that its focus was on growing its footprint through its primary verticals of broadcasting and other commercial activities; steaming platform Shahid, and Media and Entertainment Initiatives.
Its long-running TV operations provided solid foundation for growth, while Shahid, which is one of the leading Arabic streaming platform in MENA, would drive expansion by prioritising investments to enhance user experience and engagement, the group continued.
Additionally, MBC said it was actively exploring new opportunities in emerging verticals such as music, gaming, and events.
Launched in 1971, PIF is one one of the world’s largest sovereign wealth funds in the world, and has been a key driver of Saudi Arabia’s Vision 2030 strategy.
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