MBC owner to retain control of firm after release from detention

The management control of regional television broadcaster MBC will remain with Saudi Arabia-based Waleed al-Ibrahim following his release from detention in the corruption probe, Reuters reported, citing a senior MBC executive.

Ibrahim will retain his 40 percent stake in MBC, the executive said.

The MBC chief was released, along with a number of other high-profile detainees, over the weekend – nearly three months after he was taken into custody in a crackdown on corruption.

Ibrahim has reached a financial settlement with authorities in the investigation, the news agency reported, citing unnamed Saudi officials.