Saudi Arabia’s PIF completes purchase of majority stake in MBC Group

MBC Group is headquartered in the Saudi capital Riyadh

B.alotaby

Saudi Arabian sovereign wealth fund Public Investment Fund (PIF) has purchased a majority 54% stake in Middle Eastern commercial broadcaster MBC Group.

PIF has acquired Istedamah Holding Company’s 54% stake in the group for an aggregate price of SAR 7,469m (US$1.9bn), at a price of SAR 41.60 per share. The deal was carried out through a private transaction between PIF and Istedamah Holding Company.

MBC 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 but will be increasing its focus on local production in the Kingdom of Saudi Arabia.

MBC says it is focused on growing its presence and reach through its primary verticals: Broadcasting & Other Commercial Activities, streaming platform Shahid, and Media & Entertainment Initiatives.

Additionally, MBC is actively exploring new opportunities in emerging verticals such as music, gaming, and events.