Media assets

Television: Al Saudiya, Al Ekhbariya, AlRiyadiya, SBC, Sunnah TV, Quran TV, Thikrayat TV

Radio: Ryiadh Radio, Jeddah Radio, Holy Quran Radio, Saudi Radio, Radio Call of Islam, Al-Ekhbariya Radio

State Media Matrix Typology

State-Controlled (SC)

Ownership and governance

The SBA functions as a government entity under the supervision of the Ministry of Media. Its governance structure is anchored in a board of directors, whose members are appointed by ministerial decree. The Minister of Media chairs the board, cementing the organization’s close institutional ties to the state apparatus.

Mohammed Fahad Al‑Harthi has served as the CEO of SBA since August 2020. A seasoned journalist and media strategist, he also chairs the Arab States Broadcasting Union.

While the SBA nominally presents itself as a public service broadcaster, its mandate and decision-making processes are tightly bound to state policy objectives. The lack of an independent board or multi-stakeholder oversight body further underscores its status as a government-controlled entity rather than an autonomous media institution.

Source of funding and budget

As of June 2025, no official or audited financial statements have been made publicly available that would shed light on the SBA’s annual operating budget or revenue streams. However, based on interviews conducted in May 2024 with three independent journalists and media analysts familiar with Saudi Arabia’s media environment, the SBA is fully financed by the Saudi government. Its operations are included as part of the state’s media and cultural expenditures, with allocations determined by the Ministry of Finance in coordination with the Ministry of Media.

Editorial independence

The editorial output of the SBA is subject to extensive state oversight and conforms closely to the kingdom’s official messaging. Media content produced by SBA outlets adheres to strict regulatory and censorship frameworks, as delineated by government authorities. Coverage routinely avoids criticism of the ruling family, national policies, or Saudi Arabia’s strategic partners, and instead prioritizes narratives that align with Vision 2030 and the broader modernization image promoted by the Crown Prince.

There is currently no statutory framework, independent regulator, or ombudsman that provides assurance of editorial autonomy for the SBA. Consequently, the organization cannot be considered editorially independent under any recognized international standards for public service broadcasting.

July 2025

In August 2023, MBC announced its intention to launch a cultural television channel in partnership with Saudi Arabia’s Ministry of Culture. This initiative aligns with the Kingdom’s broader strategy to bolster national identity and promote cultural heritage through state-aligned media platforms.

Media assets

Television: MBC1, MBC MASR, MBC MASR 2, MBC2, MBC3, MBC4, MBC5, MBC Drama, MBC Drama Plus, MBC Max, MBC Bollywood, MBC Power, MBC Action, MBC Wanasah, Al Arabiya, Al Hadath, MBC USA, MBC Iraq, MBC Egypt, MBC Egypt 2

Radio: MBC FM, MBC Panorama FM, MBC USA

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and governance

MBC’s ownership structure underwent a dramatic transformation following Saudi Arabia’s high-profile anti-corruption purge in 2017. Its founder, Waleed bin Ibrahim Al Ibrahim—once the sole owner—now holds a minority stake. Following a series of detentions at the Ritz-Carlton in Riyadh, including Al Ibrahim and several family members, the Saudi government secured a 60% stake in the company through Al Istedamah Holding, a state-owned investment vehicle. Al Ibrahim retained a 40% share at that time.

Critics and regional observers interviewed in May 2024 suggested that the anti-corruption campaign served as a pretext for consolidating state control over strategic media assets. The timing of the MBC deal, which followed Al Ibrahim’s release from detention in early 2018, has drawn scrutiny from independent analysts.

In January 2024, MBC took a significant step toward privatization by launching an initial public offering (IPO) on the Tadawul stock exchange. The IPO was jointly underwritten by HSBC and JPMorgan Chase, and shares surged more than 30% on the first day of trading—a testament to market confidence despite underlying political sensitivities.

Post-IPO, the Saudi government retained a 54% controlling interest via Istedamah Holding, while Al Ibrahim’s stake was diluted to 36%. The IPO was framed as part of Saudi Arabia’s broader Vision 2030 blueprint to diversify its economy and reduce dependence on oil revenues by monetizing state-held assets.

Mike Sneesby, previously CEO of Australia’s Nine Network, took the helm as MBC Group CEO in April 2025, succeeding Sam Barnett.

Source of funding and budget

Historically opaque in its financial disclosures, MBC has begun to open its books following its partial public listing. The group is primarily funded through commercial revenue streams, with advertising sales comprising the bulk of its income. Subscription fees, particularly from its rapidly growing video-on-demand platform Shahid, now play a substantial supplementary role.

According to data compiled by the Media and Journalism Research Center (MJRC): Shahid reported a subscriber base of 3.98 million in 2023 and generated SAR 836 million (US$ 223 million)—a 51% increase compared to 2022. In 2023, revenue grew by 6.2% year-on-year, reaching SAR 3.7 billion (approximately US$ 987.7 million). Net profit surged 44.8% to SAR 69 million (US$ 18.5 million).

In 2024, revenue and net profit climbed compared to 2023. Profit for the year ended December 31 2024 hit SAR 426.1 million.

This commercial performance underscores MBC’s resilience in an increasingly fragmented digital media landscape and its strategic pivot toward online content monetization.

Editorial independence

Since the Saudi government assumed majority control, MBC’s editorial direction has visibly aligned with Riyadh’s political and geopolitical objectives. Its channels are widely regarded as tools of Saudi statecraft, deployed to project soft power, reinforce national narratives, and counter messaging from regional adversaries, particularly Iran and Qatar.

No independent statute, regulatory framework, or third-party oversight mechanism exists to ensure or verify the editorial independence of MBC or its subsidiaries. Consequently, MBC falls outside the commonly accepted definitions of editorial autonomy as recognized by international media freedom standards.

July 2025

In May 2021, the company underwent a strategic rebranding from Saudi Research and Marketing Group to Saudi Research and Media Group (SRMG), signaling its ambition to become a diversified multimedia and content powerhouse.

Media assets

Print: Al Eqtisadiah, Asharq Al-Awsat, Arab News, The Majalla, Urdu News, Sayidaty, Al Jamila, Arrajol, Bassim, Heya; Digital: Asharq News

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and governance

SRMG is a joint-stock company headquartered in Riyadh and listed on the Saudi Tadawul stock exchange since 2006. Its majority shareholder is Al Ahli Capital Fund 13, an investment vehicle managed by NCB Capital, the asset management arm of Saudi National Bank (SNB)—a state-owned financial giant. SNB itself is majority owned by the Public Investment Fund (PIF), underscoring the tight institutional linkage between SRMG and the Saudi government.

The company’s board and executive leadership are populated by figures with strong ties to the Kingdom’s ruling elite. Notably, Ahmed bin Aqeel Al-Khatib, Saudi Arabia’s Minister of Tourism, currently sits on the board of directors, illustrating the firm’s embeddedness within the political establishment.

Jomana Rashed Al‑Rashid has served as Chief Executive Officer since October 2020, making history as SRMG’s first female CEO.

Source of funding and budget

SRMG’s revenues derive primarily from commercial activities including advertising sales, digital and print publishing, printing and packaging services, and public relations consultancy. The company’s financial transparency has improved in recent years due to its public listing.

In 2021, SRMG reported revenues of SAR 3.04 billion (US$811 million), with net profits of SAR 537 million (US$143 million). By 2023, total revenues grew to SAR 3.74 billion (US$997 million), reflecting a marginal year-on-year increase. However, net profit declined by 14% to SAR 559 million, mainly due to contracting revenues in its legacy printing and packaging segment.

Based on SRMG’s Tadawul disclosures for the year ending 31 Dec 2024, the company’s total revenue was SAR 3.263 billion (down from SAR 3.746 billion in 2023). Net Profit after Zakat & Tax was SAR 201.7 million, down from SAR 559.6 million in 2023. Despite a decline in profit, the company improved its operating cash flow, recording SAR 239 million in net cash from operating activities for 2024 (up from -SAR 704 million in 2023) .

SRMG has also continued to invest in content diversification, brand licensing, and tech partnerships. In early 2025, it expanded its branded content production and formed new alliances with global media and entertainment firms to boost its Arabic-language offerings.

Editorial independence

SRMG’s editorial line is widely seen as aligned with Saudi state interests, both domestically and abroad. Its media outlets consistently reflect the official narrative, projecting the Kingdom’s policy priorities while avoiding critical coverage of its leadership or governance practices. The group plays a central role in Riyadh’s regional soft power strategy and international image-building campaigns, especially through English-language platforms like Arab News and Asharq Business with Bloomberg.

While SRMG is a publicly traded company, there is no legal framework or independent regulatory body to safeguard the editorial independence of its media outlets. There is also no public record of internal editorial charters, ombudspersons, or external watchdogs to monitor compliance with journalistic standards.

July 2025

Media assets

News agency: SPA

State Media Matrix Typology

State-Controlled (SC)

Ownership and governance

SPA operates under the direct supervision of the Ministry of Media, to which it is formally subordinated. While SPA has been registered as an “independent” entity since 2012, this designation remains largely nominal. The Board of Directors is chaired by the Minister of Media, and its members are primarily drawn from senior government ranks, ensuring tight alignment with state messaging priorities.

In practice, SPA functions as a state-controlled apparatus with no structural or operational autonomy from the executive branch. Its strategic direction and editorial agenda are set in accordance with national information policies.

Source of funding and budget

SPA is fully financed by the Saudi state, receiving its budget allocation through the Ministry of Media. According to journalists familiar with Saudi media operations interviewed in May 2024, the agency’s funding is stable and embedded within the state’s annual media and communication expenditures.

No publicly available data exists detailing the precise size of SPA’s budget or its financial performance, which is not unusual for Saudi Arabia’s government-run media entities.

Editorial independence

SPA functions as the official mouthpiece of the Saudi government. Its content—ranging from royal decrees and diplomatic communiqués to domestic news items—is overwhelmingly dictated by government priorities. SPA plays a dual role: not only does it relay state information to the public, but it also sets the editorial tone for other Saudi media outlets by issuing guidance, headlines, and templated coverage cues.

There is no legal statute, regulatory framework, or external oversight mechanism in Saudi Arabia that guarantees the editorial independence of SPA. Consequently, the agency is widely regarded as a state propaganda tool rather than a journalistic institution in the conventional sense.

July 2025