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Saudi Research and Media Group (SRMG), a major Saudi media company, has completed the acquisition of a controlling stake in Arabic platform Thmanyah, according to a bourse filing on Tuesday.
In a statement to the Saudi Stock Exchange (Tadawul), the company said that the required approvals and conditions of the deal to transfer the sale shares in Thmanyah to SRMG’s subsidiary Arab Media Company have been met.
SRMG, which has an umbrella of 30 media outlets including Independent Arabia, Arab News and Asharaq Al-Awsat, first announced in July its plans to acquire 51 percent of Thmanyah’s shares for 33.3 million riyals ($8.87 million).
Founded in Saudi Arabia in 2016, Thmanyah is considered one of the leading podcast platforms and documentary producers in the Middle East and North Africa (MENA) region.
The acquisition is part of SRMG’s new “digital-first, multi-platform approach” to serving its audiences in the region, the company said in a previous statement.
“The global podcast market is expected to grow in value to around $3.9 billion in the next two years, enabling forward-thinking and creative platforms to capture new audiences and capitalise on monetisation opportunities, such as advertising revenues,” Jomana Al Rashid, CEO of SRMG, said in July.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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