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Friday, September 22, 2023

Multiply Group now owns a 55% controlling stake in Media 247

Multiply Group has successfully acquired a 55% majority stake in Media 247, a prominent outdoor advertising company in the UAE, for Dh225 million. This strategic move, first announced in April 2023 and now completed with regulatory approvals, reflects the company’s confidence in Media 247’s performance.

The acquisition price has been adjusted upwards due to Media 247’s outstanding financial achievements during the first half of 2023, surpassing revenue and profitability targets by approximately 10% and 37%, respectively. Media 247, known for its extensive portfolio of over 45 premium outdoor hoardings, unipoles, and 3D structures across Dubai’s key locations, strengthens Multiply Group’s presence in the media and advertising sector.

Media 247 offers a diverse range of services, from media management and printing to transit media solutions within Dubai’s largest taxi fleet. This has established it as a preferred partner for many leading advertisers and agencies both locally and internationally. The company’s resilience, particularly during challenging times like the pandemic, underscores its value and the wisdom of Multiply Group’s investment decision.

Samia Bouazza, Group CEO and Managing Director at Multiply Group, emphasized the strategic commitment to expand their verticals with high-value assets that generate sustainable recurring returns.

With this majority stake in Media 247, Multiply Media is positioning itself as a prominent integrated multi-brand media force in the UAE. The goal is to continue making value-added investments in this vertical, ultimately aiming to list Multiply Media on the local stock exchange.

This acquisition aligns with Multiply Group’s ‘buy and build’ strategy, which centers on acquiring profitable companies, fostering synergies across the portfolio, driving supplementary investments, and enhancing scalability and profitability.

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