Saudi Arabia’s sovereign-backed Public Investment Fund (PIF) has bought a major slice of broadcaster MBC’s shares that it did not already own.

PIF has acquired a 54 per cent stake in the broadcasting group for an aggregate price of SAR 7,469 million (€1.62bn), 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, in its statement, 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 noted that it is concentrating 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.

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Categories: Articles, Business, M&A

Tags: MBC, pif, Saudi