The Saudi Public Investment Fund (PIF) has extended its sporting reach yet again, this time by acquiring a stake in one of the country’s biggest media groups.
MBC Group, a Riyadh-headquartered media conglomerate with extensive reach in Saudi Arabia and the wider MENA region, confirmed the Istedamah Holding Company has sold its share to the PIF.
The sale occurred on 1 November, leading to PIF taking a 54% stake in MBC Group, accounting for 179,550,000 shares. The transaction is still subject to closing conditions including necessary approvals and non-objections.
MBC stated that any further developments relating to the transaction ‘will be announced in due course’.
MBC broadcasts various types of content, including locally produced programming and Western media. It also includes three core sports assets – the Saudi Sports Company (SSC), Dubai Sports and OnTime Sports.
SSC is the most significant of these assets due to holding the domestic rights to the Saudi Pro League, King’s Cup and Saudi Super Cup. It also broadcasts major overseas leagues like the English Premier League, Spanish La Liga, German Bundesliga, the UEFA Champions League and the National Football League (NFL), among others.
This is not the first time PIF has expressed an interest in sports media. The sovereign wealth fund is reportedly interested in acquiring a stake in DAZN, the OTT sports streaming platform making an impact across boxing, MMA and football.
The arrangement further solidifies PIF’s role as a major player both in Saudi sports and further afield. The sovereign wealth fund has played a critical role in this by bankrolling the Riyadh Season, Saudi’s annual sports festival.
The event has attracted a range of major sporting fixtures including the WTA Tour tennis finals, world championship boxing fights, UFC events, and golf matches – the latter notable due to the creation of LIV Golf, which is now involved in a shock merger with the PGA Tour.
PIF has also been financing events abroad, such as UFC 306 at the Sphere in Las Vegas and the Anthony Joshua vs Daniel Dubois heavyweight boxing match at Wembley last month. These international tournaments are set to slow down, however, with PIF planning on cutting its overseas expenditure to focus on domestic events.
