Data News > MBC Group's Subsidiary Secures Deal with Sela for 2025 Joy Awards

MBC Group's Subsidiary Secures Deal with Sela for 2025 Joy Awards

By KlickAnalytics Data Insights  |   December 31, 2024 01:01PM ET

- MBC Media KSA Limited, a subsidiary of MBC Group, has signed a services agreement with Sela Company on 31 December 2024.
- The agreement will cover production and management services for the 2025 Joy Awards ceremony in Saudi Arabia.
- The contract, valued at over 10% of MBC Group's total revenue, is set to reflect on the group's financial results for 2025.

In an exciting turn of events, MBC Media KSA Limited, a wholly-owned subsidiary of MBC Group, has entered into a services agreement with Sela Company on 31 December 2024. This agreement will see MBC Media providing production and management services for the highly anticipated 2025 Joy Awards ceremony in Saudi Arabia, an event organized by the General Entertainment Authority.

The value of the contract is significant, exceeding 10% of MBC Group's total revenue as per the latest audited annual financial statements for 2023. Scheduled to take place on 18 January 2025, the Joy Awards ceremony is expected to be a grand affair, with MBC Media taking on the responsibilities of production and management.

As part of the deal, Sela Company will fund the Joy Awards ceremony and cover the agreed budget, which includes management fees and other associated costs. The joint agreement is set to expire on 31 January 2025 and is anticipated to have a positive impact on MBC Group's financial results for the year 2025.

Interestingly, in the first nine months of 2024, MBC Group reported a phenomenal 378% year-on-year increase in net profits, amounting to SAR 250.51 million. With this latest collaboration for the 2025 Joy Awards, MBC Group is setting the stage for another successful year ahead.
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