25.8 C
Dubai
Tuesday, May 21, 2024
spot_img

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.

Next Article

Related Articles

Dubai gold pricing: Why an attraction for gold enthusiasts?

Dubai Gold Pricing: Exploring the Allure for Gold Enthusiasts In Dubai, gold holds a special place in the hearts of both residents and visitors. The...

Meta Controversy: Elon Musk Accuses Mark Zuckerberg’s Company of ‘Super Greed

Meta's Controversy: Elon Musk Accuses Mark Zuckerberg's Company of 'Super Greed' In a surprising turn of events, tech titan Elon Musk has publicly accused Meta,...

Best Russian Spas in Dubai

Indulge in Luxury: Discover the Best Russian Spas in Dubai Dubai, renowned for its opulent lifestyle and unparalleled luxury experiences, is also home to some...

Google Gemini Unveils Plans for Present Solutions and Future Complexity

Google's Future Vision: Google Gemini Unveils Plans for Present Solutions and Future Complexity In a strategic move aimed at addressing present challenges and anticipating future...

What are the benefits of electronic signature?

What are the benefits of electronic signature? If you run a business, your signature is used in day-to-day transactions. Whether you deal with contract management...

Latest Articles