Saudi Research and Media Group’s (SRMG) subsidiary, Arab Media Co, has acquired a 51 percent controlling stake in Arabic podcast platform and documentary producer Thmanyah for 33.31 million riyals ($88 million).

The transaction will be funded from the company’s own cash flows and resources, the Tadawul-listed SRMG said in a disclosure to the stock exchange.

The deal, which was signed with the sellers, Abdulrahman Ali Abumalih, Aseel Salah Baabdullah and Meem Company for Research and Studies, is subject to regulatory approvals, including an approval to amend the articles of association of Thmanyah Co to introduce the Arab Media Co as a new partner, it added.

For SRMG, the acquisition of Thmanyah is part of the group’s new digital-first, multi-platform approach.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021