Saudi Arabia’s Public Investment Fund (PIF) is set to acquire a 54% majority stake in MBC Group, the country’s leading media conglomerate, for SR7.46 billion ($1.99 billion), according to a recent filing. This acquisition includes the entirety of a stake previously held by Istedamah Holding, representing 179.55 million shares. MBC confirmed that the deal is still subject to various conditions and regulatory approvals, noting that it will be completed as a negotiated transaction in line with Saudi Exchange procedures.
The PIF’s investment strategy marks a shift toward domestic focus, following Governor Yasir Al-Rumayyan’s recent announcement of a pivot away from international investments. Currently, about 30% of the PIF’s estimated $900 billion portfolio is invested overseas, including assets like Newcastle United and the LIV Golf tour. Al-Rumayyan aims to reduce foreign investments to 18-20% to prioritize domestic projects and expand sectors outside oil.
PIF has positioned itself at the centre of Saudi Arabia’s sports ambitions, as the primary backer of four Saudi Pro League teams and a major force in combat sports via the Riyadh Season. The acquisition of MBC fits with this vision, as MBC’s Shahid streaming platform already broadcasts a robust line-up of sports, including soccer leagues like the Saudi Pro League, AFC Champions League, and Copa del Rey, alongside motorsport, NFL, boxing, and MMA.
Despite accusations of “sport washing” aimed at its sports investments, PIF remains steadfast in its approach, now with a stronger focus on domestic projects like NEOM and other large-scale infrastructure ventures. This strategic pivot underscores the fund’s commitment to reinforcing Saudi Arabia’s internal economy and media presence in the region.