The authority said in a statement that the group plans to offer about 33.25 million shares, equivalent to ten percent of its capital, on the stock exchange, without revealing the expected price of the offering.
The Capital Market Authority did not specify an expected date for the subscription, but the approval is valid for only six months.
The Saudi government owns 60 percent of the company, which includes 20 television channels broadcasting across the Middle East.
The past few years have witnessed a wave of initial public offerings in Saudi Arabia as part of broader plans to strengthen capital markets, develop the private sector, and attract investment.
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