Saudi Arabia’s Public Investment Fund (PIF) has taken a 54% stake in the MBC Group, the largest media and entertainment group in the MENA region.
PIF, one of the world’s largest sovereign wealth funds, acquired the stake from the Istedamah Holding Company for $2bn (SAR 7.5bn).
The Riyadh-based MBC Group runs 19 free-to-air channels including MBC1, MBC2, MBC3 as well as its growing Shahid streaming platform. The group is also home to the MBC Studios production company.
MBC Group’s programming covers news, entertainment, and sports, reaching millions of viewers across the Arab world.
In a statement announcing the acquisition, MBC Group said it “remains dedicated to producing and investing in high-quality, premium Arabic content that is regionally relevant and resonates with the Arabic diaspora globally. With content at its core, MBC is committed to enhancing production capabilities, with an increasing focus on local production in the Kingdom of Saudi Arabia.”
PIF’s acquisition of MBC aligns with Saudi Arabia’s Vision 2030 objectives to diversify its economy beyond oil.
The fund, chaired by Saudi Crown Prince Mohammed bin Salman, with assets estimated at over $700bn, has expanded aggressively in sectors ranging from entertainment and technology to infrastructure and renewable energy, with a focus on creating local jobs and fostering growth within the kingdom’s borders.
BBC Chairman apologises for error of judgement: US President threatens legal action
In a shock move on Sunday evening, BBC Director-General Tim Davie and BBC News CEO Deborah Turness tendered their resignations following a series of events revolving around an edit of Donald Trump’s speech during the US Capitol riots.
AWS to launch Fastnet transatlantic cable
Amazon Web Services (AWS) will launch Fastnet, a new transatlantic subsea fibre optic cable system connecting the US and Ireland.
Phantom Media Group launches to house five VFX studios, including Milk and Lola Post
India’s Phantom Digital Effects is bringing together visual effects studios Milk, Lola Post, Tippett Studio, PhantomFX, and SpectrePost together under a new umbrella group called Phantom Media Group.
Warner Bros Discovery reveals $148m third quarter loss amid sale interest
Warner Bros Discovery posted a bigger-than-expected quarterly loss in its third quarter results this week, just as the company is fielding interest from potential buyers.
.jpg)
ITV confirms talks with Comcast
ITV has entered into discussions over the sale of its media and entertainment broadcasting arm to Comcast, the owner of Sky.
