Published 14 Jul,2021 via Arab News - Economy RIYADH - The Saudi Research and Media Group (SRMG) has agreed to acquire a 51 percent controlling stake in podcast producer Thmanyah Company for Publishing and Distribution as it expands its digital footprint.
The Riyadh-based media house signed the interest purchase agreement with Abdulrahman Ali Abumalih, Aseel Salah Baabdullah and Meem Company for Research and Studies, in a deal worth SR33.3 million ($8.9 million), it said in a stock exchange filing on Wednesday. The deal is subject to regulatory approvals.
“By acquiring one of the leading Arabic podcast platforms and documentary producers, we are reinforcing our commitment to providing our audiences with original, exclusive and premium content through new digital platforms,” said Jomana Al-Rashid, CEO of SRMG.
“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 capitalize on monetization opportunities, such as advertising revenues.”
Thmanyah produces and distributes Arabic podcasts and documentaries on social media platforms.
Its podcasts include “Fnjan”, an Arabic talk show with more than 1.6 million average monthly listeners, and “Swalif Business”, “Socrates”, and “Things That Changed Us.”
The announcement follows the launch of SRMG’s transformation strategy which focuses on expanding its digital platforms and agreeing new international partnerships.
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