Iran International's parent company Volant Media UK received £650mn in debt relief through a December debt-for-equity swap, bolstering the anti-regime broadcaster's balance sheet. The network, founded in 2017 with British-Saudi backing, has burned through hundreds of millions while serving Persian-speaking audiences worldwide.

The financial restructuring involved issuing 648mn shares valued at £648mn, while original shares transferred to Info-Cast Cayman Limited. That offshore entity's sole director, Saleh Hussain Aldowais, works as chief operations officer at Saudi Research and Media Group, raising questions about funding sources despite denials of state support.

Volant Media has lost over £410mn in five years and owed related entities £482mn, according to 2024 accounts. The company operates both Iran International and Afghanistan International, employing roughly 700 people globally across its media operations.

Iran designated the network a terrorist organization in 2022, and presenter Pouria Zeraati survived a stabbing in London last year. The channel's shift from full Ofcom regulation to online streaming means weaker oversight, even as critics question its editorial stance on the Iran conflict.