AiBotA prominent Iranian opposition news outlet, Iran International, has received a substantial bailout from a Saudi investment fund, bolstering its financial position amid a period of intense turmoil in Iran. The London-based broadcaster, which claims to be the most watched Persian news channel, has accepted a £650 million debt relief package from its shareholders, according to reports.
The December debt-for-equity swap has significantly strengthened Iran International’s balance sheet, which had been strained by heavy outlays since its inception in 2017 with backing from British-Saudi investors. In the five years preceding the latest accounts, Volant Media UK, the parent company of Iran International, accumulated losses exceeding £410 million and owed related entities approximately £482 million, according to the company’s last set of accounts.
This bailout has come at a time when Iran International has been at the forefront of reporting on anti-regime protests and developments in Iran. The network, which boasts a substantial following both in Iran and worldwide, has been vocal in its criticism of the Iranian government. Iran International broadcasts into the country through satellite, radio, and social media, employing around 700 people globally. Critics, however, have accused the network of promoting a pro-war narrative and of using its reach to promote the interests of Reza Pahlavi, the US-based son of the last Iranian Shah.
Despite the significant investment, Iran International has refrained from disclosing the source of its funding, a move that has reportedly raised concerns among some of its journalists. The network’s parent company, Volant Media UK, has stated that it is editorially independent and has never received state funding, but this assertion has been disputed by some analysts. Volant also runs Afghanistan International, another news network.
According to UK corporate registry filings, an allotment of 648 million shares was issued by Volant on December 13, valued at £648 million. Additionally, the company’s original 50,000 shares were subsequently transferred from its director and secretary, Adel Abdulkarim Alabdulkarim, to offshore company Info-Cast Cayman Limited, with Saleh Hussain Aldowais serving as its sole director. Notably, Saleh Hussain Aldowais is the chief operations officer of the Saudi Research and Media Group, the kingdom’s largest media organization.
The Saudi bailout has raised questions about the extent of Saudi influence over Iran International and its editorial output. While the network has maintained its independence, some analysts believe that the investment may have implications for its reporting. The recent turmoil in Iran, which has included widespread protests and the launch of a US-Israel war effort, has created a complex and volatile environment, making the future of Iranian politics uncertain.
In light of these developments, observers will be closely monitoring Iran International’s coverage and potential shifts in its editorial stances following the significant injection of investment from Saudi Arabia. As reports of the bailout emerge, concerns have arisen about the network’s autonomy and its ability to maintain editorial independence in the face of significant financial backing from a foreign investor.