Top Middle East Broadcaster MBC Group Eing Flotation

By | November 6, 2022

Saudi-owned MBC Group, the Middle East’s largest distributor, is said to be growing on the Riyadh Stock Exchange and is developing high-end products.

According to Bloomberg, MBC – the leading free-to-air satellite broadcaster in the Middle East and North Africa, and the leading premium streamer in the MENA region – has been acquired from HSBC Holdings Plc. and JPMorgan Chase & Co. is working on an initial public offering. Riyadh with MBC Group listing on the Saudi market as early as next year.

There was no comment from MBC Difference About the report on Friday.

In the year MBC, which started operations in London in 1991, moved its headquarters to Dubai in 2002 after Saudi Arabia banned cinemas for religious reasons and general entertainment, angered by the country’s conservative leadership.

Subsequently, in December 2017, Saudi Arabia lifted its ban on cinemas, making the media and creative industries a key pillar of its plans to expand its economy.

In September this year, MBC opened a new headquarters in Riyadh, a move described by MBC Group Chairman Waleed bin Ibrahim Al-Ibrahim as a “return to our country” during the opening gala.

The Saudi government currently owns 60% of MBC, with the rest owned by Al Ibrahim, who founded Pan Arab Satcaster, which owns about 20 television channels and operates premium streamer Shahid VIP.

MBC is currently moving most of its production activities to Saudi Arabia, and MBC’s CEO revealed at a gala last month that they have more than 80 film and TV titles in various stages of production.

The high-profile Saudi production includes MBC’s bankrolled Hollywood-style tentpole “Desert Fighter,” directed by “Captain America” ​​star Anthony Mackie and directed by Rupert White (“Planet of the Apes”) with an all-star international cast. and fantasy-adventure “Rise of the Witches,” the biggest TV series produced at home by Saudi actors. Both were filmed at NEOM, a vast area on the Kingdom’s Red Sea coast.

Category: tv

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