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MBC Group announces the signing of an agreement between MBC FZ-LLC (a UAE subsidiary wholly owned by the Group) with MBC Media Solutions FZ–LLC (UAE company) for the purpose of the sale of airtime and exclusive advertising representation in the GCC countries, excluding the Kingdom of Saudi Arabia.
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MBC GROUP
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1446/02/30 03/09/2024 15:35:22
| Element List | Explanation |
|---|---|
| Introduction | MBC FZ-LLC ("MBC FZ"), a subsidiary wholly owned by MBC Group (the "Company"), has entered into an agreement with MBC Media Solutions FZ-LLC ("MMS UAE"), an entity that is effectively 60% indirectly owned by the Company, for the purpose of exclusive advertising representation for the marketing and sale of advertising on MBC TV and radio channels and its digital platforms in GCC countries, except the Kingdom of Saudi Arabia. |
| Date of Announcement of the Award | 2024-09-03 Corresponding to 1446-02-30 |
| Contract Subject Matter | Exclusive media representation agreement to provide advertising services. |
| The Entity with Which the Contract was Signed | MBC Media Solutions FZ-LLC. |
| Date of Signing the Contract | 2024-09-03 Corresponding to 1446-02-30 |
| Contract Value | Sharing a percentage of the revenues between the parties resulting from the sale of advertising airtime, sponsorship or other advertising services on MBC TV and radio channels and digital platforms, in accordance with the terms and conditions of the agreement, in addition to the revenue resulting from the extension of the Airtime Sales Agreement for three months. |
| Contract Details | Under the agreement between MBC FZ and MMS UAE, MMS UAE has been appointed as MBC FZ's exclusive representative for the marketing and sale of advertising on MBC TV and radio channels and digital platforms in the GCC countries, except the Kingdom of Saudi Arabia, in exchange for sharing a percentage of the revenues in accordance with the terms and conditions of the agreement. The agreement also included an extension of the airtime time sales agreement, previously concluded between the parties in October 2023G ("Airtime Sales Agreement "), for an additional three-month period ending on 31 March 2024G in accordance with the terms and conditions of the Airtime Sales Agreement. |
| Contract Duration | The term of the agreement is three years, effective from 1 January 2024G and ending on 31 December 2026G. |
| Financial Impact and the Relevant Period | It is expected that the agreement will have positive impact starting from the fiscal year 2024G. |
| Related Parties | MBC FZ is a wholly-owned subsidiary of the Company in the UAE, which has signed the above-mentioned agreement with MMS UAE (a UAE company that is a related party, indirectly owned by the Company at by 60%). |
| Additional Information | The Company confirms that the agreement was made in the ordinary course of business and did not include any preferential benefits. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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