Saudi satellite TV channel Al-Ikhbariya will be converted into a limited liability company (LLC) under the name “Ikhbariya Network Company, Saudi Minister of Culture and Information Dr. Auwad bin Saleh Al-Auwad said on Wednesday.
The company will be jointly owned by the Saudi Press Agency (SPA) and Radio and Television Corporation on a 50-50 basis, according to the SPA.
According to Dr. Al-Auwad, the decision to upgrade the Arabic-language news channel and launch an English-language new channel within the company will allow for improved event and news coverage to help Saudis keep abreast of local and international news.
He added that the decision is also in line with the ministry’s Saudi Vision 2030 initiatives, which include empowering Saudi institutions to keep pace with developments in the global media scene. The ultimate goal, he noted, is to transmit the kingdom’s message to the world.
Ikhbariya, the company in the pipeline, is set to be run by a seven-member board with an executive bureau, three of them representing the Ministry of Culture and Information, two independent members representing the private sector, and two members each from the Radio and Television Corporation and the SPA.
The nascent company is expected to function shortly as soon as required administrative procedures are completed.
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