The acquisition has been financed by Sowt and Media Development Investment Fund.
Jordan-based Sowt, an independent podcast and media company, has acquired Dubai’s podcast production company Finyal Media.
The move will strengthen Sowt’s push for audience growth, commercial opportunities, and creative content, the company said.
The acquisition was financed by Sowt and Media Development Investment Fund (MDIF), a New York-registered non-profit organisation.
Finyal Media has produced a number of popular Arabic fiction podcasts, including 1001 Nights, Juha and The 40 Thieves.
Commenting on the acquisition, Leila Hamadeh, Finyal Co-Founder and CEO, said: “We are thrilled that Finyal Media has been acquired by Sowt and that our content will continue to grow to reach millions of listeners across the region. We believe this acquisition marks a major milestone in the development of the MENA podcast industry and expect to see further growth and consolidation in the future.”
Founded in 2016, Amman-headquartered Sowt — which means voice or sound in Arabic — produces podcasts, audiobooks and audio articles focusing on Arabic-speaking audience.
Sowt recently announced the addition of audiobooks to Safahat Sowt, its service that offers audio versions of articles from selected publishers across the Middle East and North Africa.
Ramsey G. Tesdell, CEO of Sowt Media, added: “This acquisition marks a big step for the audio industry in MENA and for Sowt. We’re excited about the potential growth that joining forces with Finyal provides listeners. We are proud of what Sowt has accomplished and are excited about what the future holds!”
The financier of the acquisition, MDIF, invests in independent media around the world providing news, information, and debate.
Bilal Randeree, MDIF Programme Director for Africa and MENA, stated: “Sowt is a clear leader in the Arabic-language podcast space, producing original, high-quality content, and we are a long-term admirer of their work. Sowt has assembled a young and talented team, bringing together backgrounds and skills that allow them to continuously innovate and experiment in this sector, and we are looking forward to working with the company as it continues to expand its work.”
