Saudi Arabia’s PIF acquires majority stake in MBC Group

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.