Saudi Media Giant MBC Valued at $3 Billion in Market Debut as Kingdom Pushes Economic Diversification
• Shares in Saudi media giant MBC surge 30% in market debut, valuing company at nearly $3 billion • IPO part of Saudi privatization push to diversity economy away from oil under Vision 2030 • MBC is leading Middle East media firm, with 13 TV channels, radio stations, and popular Shahid streaming platform • Company aims to grow Shahid subscribers, advertising, sports, music and push into new markets • Saudi government took majority stake in 2018; MBC revenues shifting from broadcasting to streaming