The Public Investment Fund (PIF) has finalised its acquisition of a 54 per cent stake in MBC Group, the Middle East and North Africa’s largest media company, for SAR 7.469 billion (US$1.992 billion).
MBC Group is headed up by former Nine CEO Mike Sneesby, who was appointed to the role in April of this year. The acquisition follows MBC Group reporting a 41% increase in net profits for the first half of 2025, reaching SAR 335.43 million (around $89.43 million).
The deal, announced on 22 September, saw PIF purchase 179.55 million shares at SAR 41.60 each through a private transaction with Istedamah Holding Company. The move aligns with PIF’s broader strategy to invest in sectors with high growth potential while advancing Saudi Arabia’s media and entertainment ecosystem.
As part of its Vision 2030 program, PIF has identified media and content production as priority industries for domestic development. The fund said the investment would help elevate the Saudi media industry through technology adoption and increased production of high-quality content across multiple platforms.
MBC Group’s regional footprint
Founded in 1991, MBC Group reaches an estimated 150 million viewers each week worldwide. Its operations include 13 free-to-air TV channels, three radio stations, Shahid, the region’s leading Arabic streaming platform, and MBC Studios, its production arm specialising in Middle Eastern stories for global audiences.
The company was listed on the Saudi Exchange (Tadawul) in January 2024, marking a new phase of growth and investment. Industry analysts note that the MENA media sector is expected to expand significantly, driven by rising demand for localised digital content and rapid technology adoption.
Strategic significance for PIF
PIF has been actively diversifying Saudi Arabia’s economy by investing across industries including sports, technology, and entertainment. Since 2017, it has established more than 100 companies. With this acquisition, the fund signals a strong push into media as it seeks to create a globally competitive ecosystem and attract international partners.
In a statement, PIF said: “This acquisition is part of our commitment to growing strategic domestic sectors. Media and entertainment remain central to our vision of strengthening Saudi Arabia’s content creation capabilities and supporting the industry’s transformation.”
The acquisition adds to Saudi Arabia’s positioning as a key player in regional entertainment, with MBC’s scale and reach providing a platform for growth both domestically and internationally.
Top image: Mike Sneesby, CEO of MBC Group