Saudi Arabia has launched a state-controlled sports media company to manage and secure broadcasting rights in a move that will shake up the multibillion-dollar bidding wars for the right to televise elite sporting events in the Middle East.
Prince Abdulaziz bin Turki al-Faisal, the sports minister, told the Financial Times that the Saudi Sports Company would create a “platform” for content development and managing TV rights. The move comes as Saudi Arabia uses its financial muscle to lure an increasingly diverse array of global sports events to the kingdom.
On Thursday, it was confirmed that Saudi Arabia had secured the rights to host a Formula One motor race for the next 15 years, beginning in 2021. The kingdom is also in discussions to hold a boxing bout next year between Anthony Joshua and Tyson Fury, an all-British contest for the undisputed heavyweight title, Prince Abdulaziz said.
The Formula One grand prix and the launch of the media company underscore Crown Prince Mohammed bin Salman’s ambitions to develop the kingdom as a regional sporting hub.
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