- PIF completes acquisition of 54% of the entire share capital of MBC Group for SAR 7.469 billion ($1.992 billion)

- Transaction is part of PIF’s strategy to grow the Saudi media and entertainment sectors

- MBC Group is a MENA media and entertainment leader, with an Arabic streaming platform, 13 free-to-air TV channels, three radio stations and MBC Studios

PIF announced the completion of its acquisition of 179.55 million shares in MBC Group Company, representing 54% of MBC Group’s entire share capital, through a private transaction with Istedamah Holding Company for SAR 7.469 billion ($1.992 billion), at SAR 41.60 per share.

The transaction is part of PIF’s ongoing strategy to invest and grow sectors with promising potential as well as enhancing the Saudi media and content ecosystem. Media and entertainment are among the strategic domestic sectors that PIF is prioritizing as it further develops local capabilities in media and content production.

The acquisition also contributes to elevating the Saudi media and entertainment industry through advanced technologies and the production of high-quality content for multimedia platforms.

MBC Group is a leader across the MENA region in media and content production and distribution, reaching 150 million viewers every week globally with diverse content including entertainment, drama and sports. Today, the group operates 13 free-to-air TV channels and three radio stations, in addition to Shahid, the region’s leading video streaming platform. The Group also includes MBC Studios, its flagship content production arm, focused on producing content centered around the storytelling potential of the Middle East. In January 2024, MBC Group Company was successfully listed on the main market of the Saudi Exchange (Tadawul).

The MENA media and entertainment sectors are expected to grow, propelled by rapid digital adoption and rising demand for localized content across a wide range of digital media.