An investigative team at the Financial Times examined Volant Media UK, the London-based owner of Iran International, after discovering that the company was suffering substantial losses despite maintaining exceptionally high levels of spending. The discrepancy prompted journalists to investigate the source of its financing.

Their findings unfolded as follows:

▪️ The team observed that Volant Media UK was spending vast sums on its operations, while senior executives reportedly enjoyed lavish lifestyles and appeared to face few financial constraints, despite the company’s limited revenues.

▪️ Company accounts showed losses exceeding £410 million over a five-year period, while liabilities stood at approximately £482 million.

▪️ Journalists began closely monitoring the company’s transactions through public records and other available sources of information.

▪️ On 13 December 2025, the company issued 648 million new shares valued at £648 million and converted its debt into equity through a debt-for-equity swap.

▪️ On the same day, all company shares — comprising the original 50,000 shares and the newly issued 648 million shares — were transferred to a newly established company, Info-Cast Cayman Limited.

▪️ The investigation subsequently traced Info-Cast Cayman Limited and found that it was registered in the Cayman Islands.

▪️ Reporters identified the company’s director as Saleh Al-Duwais, a Saudi national.

▪️ They also found that Al-Duwais serves as Chief Operating Officer of the Saudi Research and Media Group (SRMG).

What Does This Mean for Iran International?

According to the investigation’s interpretation of these transactions, Iran International and its affiliated operations have effectively come under full Saudi ownership. The report argues that the channel has now become openly and officially Saudi-owned, following what it describes as a period of covert Saudi financial backing.