Middle East Broadcasting Center (MBC)

The Middle East Broadcasting Center (MBC Group) is one of the Arab world’s most influential media conglomerates and describes itself as the largest and leading media company in the Middle East and North Africa. It was launched in London in 1991 with MBC1, the first private Arab satellite television channel, later relocated its headquarters to Dubai Media City in 2002, and inaugurated its new headquarters in Riyadh in September 2022 in the context of Saudi Arabia’s Vision 2030 programme.

Today, MBC Group operates a portfolio of free-to-air television channels, radio and audio services, the streaming platform MBC Shahid, production units, advertising services and talent-development operations. It reaches mass audiences across the MENA region and beyond and is a central actor in Saudi Arabia’s expanding media, entertainment and content-production economy.

Media assets

Television and digital: principal MBC channels include MBC1, MBC2, MBC3, MBC4, MBC5, MBC Action, MBC Max, MBC Drama, MBC Masr, MBC Masr 2, MBC Masr Drama, MBC Iraq, MBC Bollywood, MBC Persia, Wanasah, MBC+ Variety and MBC+ Drama.

Associated/common-control news operations: Al Arabiya and Al Hadath.

Radio and audio: MBC FM, Panorama FM, MBC Loud FM, MBC Mood and MBC Podcast.

Streaming and production: MBC Shahid, MBC Studios, MBC Media Solutions and MBC Academy.

Ownership and governance

MBC’s ownership underwent a dramatic transformation following Saudi Arabia’s 2017 anti-corruption campaign. Its founder, Waleed bin Ibrahim Al Ibrahim, once the sole owner, was among those detained at the Ritz-Carlton in Riyadh. The Saudi state subsequently acquired a 60% stake in the company through Al Istedamah Holding, an investment vehicle linked to the Ministry of Finance, while Al Ibrahim retained 40%. Regional observers consulted by SMM have noted that the campaign had the effect of consolidating state control over strategic media assets.

In January 2024, MBC Group listed 10% of its enlarged share capital on the Saudi Exchange (Tadawul). The IPO raised SAR 831 million, approximately US$222 million, and implied a market capitalisation of SAR 8.3 billion, approximately US$2.2 billion, at listing. After the IPO, Istedamah held about 54% of the company, Al Ibrahim held about 36%, and the remaining shares traded publicly.

The most significant change of the 2025/26 cycle came in September 2025, when Saudi Arabia’s Public Investment Fund (PIF) completed the acquisition of Istedamah’s entire 54% stake for SAR 7.469 billion, approximately US$1.992 billion, at SAR 41.60 per share. As a result, PIF now holds the controlling 54% interest in MBC Group, Al Ibrahim retains about 36%, and the remainder trades publicly. MBC’s 2025 annual report states that PIF became the group’s new parent company, replacing Istedamah. The transfer places MBC directly under Saudi Arabia’s principal sovereign investment vehicle and deepens, rather than loosens, state ownership of the group.

Waleed bin Ibrahim Al Ibrahim remains Founder and Chairman. Mike Sneesby became Chief Executive Officer in 2025, succeeding Sam Barnett, who had led the group since 2011. Sneesby previously served as chief executive of Australia’s Nine Entertainment and founded the streaming platform Stan.

Source of funding and budget

Historically opaque in its disclosures, MBC has reported detailed financial results since its public listing. The group is funded primarily through commercial revenue, with advertising on its free-to-air channels, subscription and advertising income from MBC Shahid, production activity, advertising services and other commercial operations forming the core of its business model. The group’s financial position is also shaped by state-linked ownership, public-sector-aligned projects and related-party relationships within the Saudi media and entertainment ecosystem.

For the 2025 financial year, MBC Group reported total revenue of SAR 5.3909 billion, up 28.5% year-on-year. Its 2025 annual report states that net profit reached SAR 437.5 million, while the Tadawul financial-results announcement reported net profit attributable to shareholders of the issuer of SAR 382.5 million. The Broadcasting and Other Commercial Activities segment recorded revenue of SAR 2.831 billion, up 16.8%, and net profit of SAR 492.9 million. MBC Shahid generated SAR 1.3835 billion in revenue, up 28.2%, with its net loss narrowing to SAR 78.7 million from SAR 129.1 million in 2024. The platform’s performance was supported by subscription and advertising growth, expanded digital inventory and password-sharing controls. During the cycle, MBC also entered a streaming-bundle partnership with Netflix.

These figures indicate continued commercial growth and a more transparent reporting environment after the Tadawul listing, but the group’s controlling ownership by PIF and its alignment with Saudi state priorities remain central to the assessment of its independence.

Editorial independence

Since the Saudi state assumed majority control, MBC’s editorial direction has visibly aligned with Riyadh’s political and geopolitical objectives. Its channels and associated news operations, including Al Arabiya and Al Hadath, are widely regarded as instruments of Saudi soft power, used to project national narratives and to counter messaging from regional rivals. The PIF acquisition reinforces this alignment by placing the group under the direct ownership of a sovereign fund chaired by the Crown Prince.

No independent statute, regulatory framework or third-party oversight mechanism exists to ensure or verify the editorial independence of MBC or its subsidiaries. The group therefore falls outside commonly accepted definitions of editorial autonomy under international media-freedom standards.

AI and digital policy

SMM found no evidence that MBC Group has published a dedicated public AI governance or editorial-use policy as of mid-2026.

The group has, however, invested heavily in digital, streaming, data and technology-driven operations. MBC Shahid combines subscription and advertising models, personalised recommendation, live channels, sports packages, regional original content and international distribution. MBC Media Solutions provides advertising and commercial monetisation services, while MBC Studios and related production units support the group’s growing content pipeline.

MBC’s 2025 annual report explicitly identifies artificial intelligence and emerging technologies as an operational area. It states that the group is increasingly using AI, machine learning and other emerging technologies to enhance content personalisation, advertising-process improvements and overall operational efficiency. The report also recognises risks linked to algorithmic bias, data inaccuracies, over-reliance on automated decision-making, transparency, compliance and ethical use. MBC says it is developing governance frameworks for AI deployment, investing in feasible initiatives, working with service providers and monitoring emerging regulatory standards.

These disclosures show significant digital and AI-related capability across production, distribution, advertising and audience analytics. However, they do not establish a public editorial AI policy. SMM identified no public framework governing AI use in editorial decision-making, verification, attribution, synthetic-media labelling, source transparency, bias mitigation or human editorial oversight.

Classification rationale

MBC is classified Captured Public/State-Managed (CaPu), a classification maintained from prior SMM cycles. It is a commercially operating, publicly listed media company rather than a government department, but a controlling majority is held by the Saudi state through the Public Investment Fund. Its editorial direction aligns closely with official Saudi positions, and no independent statutory or oversight mechanism safeguards its autonomy. The change of controlling shareholder from Istedamah to PIF during the cycle deepened state ownership without introducing any safeguard for editorial independence, keeping MBC firmly in the CaPu category.

June 2026