SRMG to acquire controlling stake in Thmanyah in $8.9m deal
Podcasts include ‘Fnjan,’ an Arabic talk show with more than 1.6m average monthly listeners
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 on new international partnerships.
SRMG already has successful partnerships and collaborations with leading media organizations including Bloomberg and The Independent.
The media house is focused on delivering original, exclusive, and premium content to consumers through new digital and social platforms, as well as strengthening its cable and satellite reach.
SRMG owns more than 30 major media outlets including Asharq Al-Awsat, Asharq News, and Arab News, and has a combined monthly reach of 165 million.
It will further expand its current portfolio, digital offerings, and global reach by transforming print publications into digitalfirst platforms, introducing new platforms that address white spaces in the market, investing in media startups with bold ideas, and building partnerships with internationally recognized brands.