Saudi Arabia’s Public Investment Fund (PIF) has successfully acquired a 54% stake in MBC Group Company through a private transaction with Istedamah Holding Company, according to Saudi Gazette.
The PIF has purchased 179.55 million shares for SAR 7.469 billion (approximately $2 billion) at a rate of SAR 41.60 per share, MBC Group announced in a statement to Tadawul.
Interestingly, MBC Group attracts an estimated 150 million viewers worldwide each week, offering an extraordinary blend of entertainment, drama, and sports that resonates across global audiences.
This acquisition stands as a testament to PIF’s steadfast dedication to advancing the media sector in line with its broader strategy to cut oil dependency and accelerate Saudi Arabia’s economic diversification.
In the light of this, the fund stressed that its investments in local technology, content creation, as well as media infrastructure are basically designed to cement the Kingdom’s position as a pioneering regional media hub. Moreover, they seek to boost homegrown talent and innovation within the industry.
The PIF also noted that its investments in the media sector aim to drive wider economic impact, creating positive effects across vital industries such as tourism, technology, leisure, sports, and real estate, while also unleashing new horizons for collaboration and partnerships with the private sector.
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