DUBAI (CelebrityAccess) — Dubai-based streaming entertainment platform OSN+ announced plans to acquire the MENA music technology platform Anghami to launch a single streaming video and music platform.
Backed by a cash investment of up to $50 million from OSN Group in Anghami, the deal will aggregate more than 120 million registered users and 2.5 million paying subscribers into a single streaming platform with a catalog of over 100 million songs, with exclusives from artists such as Amr Diab, the all-time best-selling Middle Eastern artist. The platform will also provide users with access to more than 18,000 hours of video content and an exclusive partnership with premium international studios such as HBO, NBC Universal, Paramount, and leading Arabic and Turkish studios.
The deal will see OSN Group invest in Anghami at a valuation of $3.65 per share, 3.9x the stock’s average price for the past month. Following the acquisition, which is expected to be completed in the first quarter of 2024, OSN will own a majority stake in Anghami, which will continue to be listed on the NASDAQ.
The proposed deal is subject to the usual closing conditions and regulatory approvals.
Following the acquisition, Elie Habib, co-founder of Anghami, will become CEO of the new venture. Along with its stake in Anghami, OSN will continue to run its linear TV business OSNtv, with Joe Kawkabani as Group CEO.
“Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World. We’re bringing together technology, music and video to build a comprehensive media ecosystem. It’s a chance to deepen our connection with our users and to create something they will truly love,” Elie Habib stated.
“This is a major milestone in OSN’s journey as we continue to scale up our streaming business. Combining OSN+ content with Anghami’s technology enables us to deliver the best of entertainment all in one place for our customers, ensuring we are continuously evolving our offering to meet their needs. As two home-grown entities with an unmatched understanding of the local market, we are confident that this new offering will change the face of the regional streaming landscape,” added Joe Kawkabani, CEO of the OSN Group.
