Saudi Arabia Public Investment Fund (PIF) has taken a 54% stake in the MBC Group as it seeks to strengthen its position as a key player in the MENA region’s media and entertainment landscape.

The Riyadh-based MBC Group announced that PIF had acquired Istedamah Holding Company’s 54% stake in the company for an aggregate price of SAR 7,469 million ($1.9B), at a price of SAR 41.60 ($11) per share.

The deal was carried out through a private transaction between PIF and Istedamah Holding Company.

The MBC Group, which is the biggest media and entertainment group in the region, said it remained  dedicated to “producing and investing in high-quality, premium Arabic content that is regionally relevant and resonates with the Arabic diaspora globally.”

Looking forward, the group added that it remained committed to content and growing its production capabilities, particularly in Saudi Arabia.

It added that its focus was on growing its footprint through its primary verticals of broadcasting and other commercial activities; steaming platform Shahid, and Media & Entertainment Initiatives.

Its long-running TV operations provided solid foundation for growth, while Shahid, which is one of the leading Arabic streaming platform in MENA, would drive expansion by prioritising investments to enhance user experience and engagement, the group continued in a statement announcing PIF’s stake.

Additionally, MBC said it was actively exploring new opportunities in emerging verticals such as music, gaming, and events.

Launched in 1971, PIF is one one of the world’s largest sovereign wealth funds in the world, and has been a key driver of the Saudi Arabia’s Vision 2030 strategy, aimed at opening the country up and shifting the focus of its economy away from oil.