(MENAFN- Mid-East) The transaction has received all required regulatory approvals for successful closure.
OSN Group's investment in Anghami gives it a majority stake at a valuation of $3.69 per share.
United Arab Emirates: OSN+, a leading video streaming platform for premium content and Anghami Inc. (NASDAQ: ANGH) (“Anghami”), a leading music and entertainment streaming platform, today announced the successful completion of their landmark transaction after receiving all regulatory approvals.
OSN Group has acquired 55.45% in Anghami, giving it a majority stake at a valuation of $3.69 per share, 1.9x the closing price of the stock on Thursday 28th of March. This deal will result in a company with over 120 million registered users, circa 2.5 million paid subscribers and close to $100 million in revenue at closing.
The combined entity brings together OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's rich catalog of more than 100 million songs and podcasts. Moreover, it will benefit from Anghami's strong tech stack, delivering an enhanced streaming experience with AI-driven hyper-personalization and soon to be announced best-in-class products.
Elie Habib, Anghami Co-founder and CTO, will lead the combined entity as incoming Anghami CEO, while Joe Kawkabani will remain as OSN Group CEO.
About OSN:
OSN is the leading service for premium entertainment servicing the MENA region in 22 countries featuring exclusive and in-demand premium global and local hit tv series and films. OSN delivers content across multiple divisions: OSN+, OSNtv, and b2b offerings in every market. Home to the most compelling content from around the world, OSN spearheads premium content including Western, Arabic, Turkish and more across divisions, distinctively known for broadcasting the latest content on the same day as the US, including popular series, blockbuster movies, and the best in kids and lifestyle programming.
OSN's ambition is to deliver entertainment everywhere for everyone, which is informed by the company's three key pillars: A customer-first approach, unrivaled exclusive content, and unbeatable value. By seamlessly bringing together Global Network Partnerships, Studios, and Originals, along with reimagined Linear channels, OSN provides an ecosystem of entertainment.
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