- Dubai-based OSN, a subsidiary of Kuwait-listed KIPCO, is set to merge OSN+ with Anghami, a streaming app based in Abu Dhabi, with plans to invest up to $50 million for a majority stake.
- Upon completion of the transaction, expected in early 2024 pending approvals, the merged entity will unite over 120 million registered users, including 2.5 million paying subscribers, creating a formidable presence in the streaming industry.
- The funding landscape includes a $5 million investment from SRMG Ventures in August, reflecting Anghami’s appeal.
Dubai-based OSN is set to merge its streaming platform, OSN+, with the Anghami streaming app following the signing of a conditional binding agreement, according to a joint statement from the two companies.
OSN, a subsidiary of Kuwait-listed KIPCO, plans to invest up to $50 million in Anghami for a majority stake.
In the fiscal year 2022, KIPCO posted a net profit of KD 25.2 million (US$ 82.3 million), marking a notable 44% rise compared to the KD 17.5 million (US$ 57.1 million) recorded at the close of 2021.
The completion of the transaction, expected to be finalized in early 2024 pending approvals, was disclosed in a Boursa Kuwait filing by KIPCO.
The merged entity will boast more than 120 million registered users, 2.5 million paying subscribers, and $100 million in revenue.
The venture capital arm of Tadawul-listed Saudi Research and Media Group SJSC, SRMG Ventures, is based in Saudi Arabia.
Anghami also counts regional investors such as Middle East Venture Partners and Mobily Ventures Holding WLL, with Shuaa Asset Management holding the largest share at 15.55%, according to Refinitiv data.
Facilitated by a cash infusion of up to $50 million from OSN Group into Anghami, the agreement entails Elie Habib, co-founder of Anghami, assuming the role of CEO for the merged entity, with OSN Group CEO Joe Kawkabani overseeing the linear TV business OSNtv.
“Collaborating with OSN+ marks a significant stride in Anghami’s quest to redefine entertainment in the Arab World,” stated Habib. “We’re merging technology, music, and video to construct a comprehensive media ecosystem. It’s an opportunity to strengthen our bond with users and craft something they’ll genuinely adore.”
“This marks a pivotal moment in OSN’s evolution as we advance our streaming business,” remarked Kawkabani.
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