Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF)k, has taken a 54% stake in MBC Group.
According to a filing with the Saudi stock exchange (Tadawul), PIF acquired Istedamah Holding Company’s 54% holding in the broadcaster for SAR 7.469 billion ($1.99bn).
The announcement followed a sharp increase in profits, which reached SAR 335.43 million in the first half, an increase of 41%.
PIF is looking to increase its involvement in the media and entertainment sectors and develop a comprehensive media ecosystem.
MBC Group is the largest and media company in the Middle East and North Africa.
Its brands include the MBC channels and the SHAHID video streaming platform.
