Qatar broadcasting giant beIN draws interest from Saudi, US

Saudi Arabia’s sovereign wealth fund is considering an investment in beIN Media Group, people familiar with the matter told Bloomberg.

Saudi Arabia’s Public Investment Fund (PIF) is among parties that have “informally signaled interest in partnering with Doha-based beIN,” Bloomberg reported according to the people, adding that US private equity firms are also keen to invest.

Deliberations are in the “early stages” and it is still unclear if there will be any investments in beIN.

“The broadcaster could also explore alternatives including an initial public offering, one of the people said,” as part of the companies move to consider “a number of strategic operations,” Bloomberg said.

State-owned beIN currently operates across five continents and broadcasts some of the world’s biggest sporting events.

“The kingdom has already hosted major events in boxing, golf and F1 motor racing and is also planning to invest billions of dollars to become a hub for e-sports,” Bloomberg said.

beIN owns 51 percent of Miramax, the Hollywood production and distribution company behind films including Pulp Fiction, Good Will Hunting and The English Patient. Arabian Business