SRMG’s Thmanyah set to stream Saudi football across MENA for SAR 2.3 bn: Saudi Research and Media Group (SRMG) finalized a SAR 2.3 bn, six-year contract giving its digital-first subsidiary, Thmanyah Publishing and Distribution, exclusive rights to broadcast and commercially exploit the Kingdom’s top football competitions, it said in a disclosure to Tadawul on Thursday.

The details: The agreement covers the King’s Cup, Saudi Pro League, Saudi Super Cup, and First Division League, spanning Saudi Arabia and 23 MENA countries, including the UAE, Egypt, Morocco, and Qatar. Under the agreement, Thmanyah will broadcast matches for a fixed SAR 387 mn (EUR 87.4 mn) annually through the 2030/31 season, according to Asharq Business.

Bigger and broader: The contract, signed with the Saudi Pro League, Saudi Arabian Football Federation, and the First Division League — with SRMG as guarantor — marks a roughly 29% jump from the previous SAR 300 mn agreement, which did not include the First Division League.

Why it matters: SRMG is betting its digital media company Thmanyah can monetize Saudi football better than traditional TV broadcasters like MBC, STC, and SSC with its digital platform. It signals a shift toward a direct-to-consumer “super-app” model in MENA and will test SRMG’s ability to capitalize on the league’s superstar roster like Ronaldo via individual subscriptions rather than just ad sales.

Still a long way from Europe: Thmanyah’s rights agreement, remains well below the broadcasting revenues of Europe’s top leagues, with the English Premier League at EUR 1.9 bn, the German Bundesliga at EUR 1.1 bn, La Liga at EUR 990 mn, and Serie A at EUR 981 mn.

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