Saudi Arabia's PIF buys $2B majority stake in entertainment giant MBC
The deal highlights the PIF’s continued expansion into the regional media and entertainment sector in accordance with Saudi Arabia's Vision 2030 agenda.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has taken a 54% majority stake in Riyadh-based MBC Group for $1.99 billion, underscoring the kingdom’s drive to expand its global footprint in media and entertainment.
MBC Group is the largest media conglomerate in the Middle East and North Africa, with a market cap of 10.71 billion Saudi riyals ($2.86 billion). It was launched in London in 1991 as Middle East Broadcasting Center before moving its headquarters to Dubai in 2002 and then to Riyadh in 2022. It runs 19 free-to-air channels, including the 24-hour Al Arabiya and Al-Hadath for breaking news.
MBC Group announced Thursday that the PIF acquired 54% of the entertainment firm from Saudi Finance Ministry subsidiary Istedamah Holding Company for an aggregate price of 7,469 million riyals ($1.99 billion), valuing shares at 41.60 riyals ($11.09) each.
The PIF’s plan to take a stake in MBC Group was first disclosed in a November 2024 Saudi stock exchange filing.