The Iraqi media conglomerate is working with Innovation Media to ensure an accurate valuation of its assets.
Al Sharqiya Group, a major Middle East independent television and media house and the first to own a private TV channel in Iraq, is looking to sell a minority stake in its business, BroadcastPro ME can reveal. This move follows substantial interest from various private investors, according to a spokesperson in the company.
In light of this, Sharqiya has enlisted Innovation Media, a global media consultancy renowned for its work with top international news and media brands, to conduct a comprehensive valuation analysis of the group and its assets. This analysis is aimed at facilitating ongoing negotiations with potential investors.
Speaking about their involvement, Juan Señor, President and founder of Innovation Media, said: “Sharqiya is one of the most innovative and successful media powerhouses that we’ve had the privilege of working with in the Middle East, and we’re proud to be supporting their team and their prospective investors in valuing their achievements to date.”
Saad Albazzaz, Executive Chairman and founder of Sharqiya, added: “In the last 20 years, we have built Sharqiya into the leading independent news, media, and entertainment group in Iraq, and one of the most respected in the Middle East. Given the calibre of their clients, we are delighted to have Innovation Media supporting us in this process.”
Founded in 2004 and headquartered in Dubai Media City (DMC), Al Sharqiya has offices in Dubai, London, Amman, Erbil and Baghdad to support its two free-to-air satellite channels, Sharqiya TV and Sharqiya News. Collectively, the two channels hold the highest market share in Iraq, according to Ipsos research. The group also claims to have the highest levels of social media engagement compared to its local and regional peers, boasting a following of more than 30m across major platforms.
The planned sale of a minority stake will provide Sharqiya with additional resources to further its growth and innovation in the media sector.
