Saudi Arabia’s Public Investment Fund (PIF) has finalized its purchase of a 54% share in MBC Group Company, a prominent media and content producer in the Middle East and North Africa, through a private agreement with Istedamah Holding Company.
As part of this agreement, PIF acquired 179.55 million shares at a price of SAR41.60 each, totaling SAR7.469 billion (approximately $1.992 billion).
MBC Group attracts around 150 million viewers weekly worldwide, delivering a diverse array of entertainment, drama, and sports content.
MBC Investment Vital for PIF’s Media Sector Strategy
The acquisition reaffirms PIF’s dedicated efforts within the media sector as part of its broader aim to enhance the economic diversification of Saudi Arabia.
The fund has stated that its investments in local technology, content development, and media infrastructure are aimed at strengthening the kingdom’s status as a regional media hub while fostering talent within the industry.
PIF further mentioned that its investments in the media domain are intended to generate significant economic value, creating ripple effects for other key sectors such as tourism, technology, leisure, sports, and real estate, while facilitating opportunities for collaboration with the private sector.