OSN+ is merging with the MENA music platform Anghami to create a service that will deliver movies, TV shows, music and podcasts.
As part of the deal, OSN Group is making a cash investment of up to $50 million in Anghami. The merged platform will have more than 120 million registered users and over 2.5 million paying subscribers. At closing, the merged company will have more than $100 million in revenues. It will be led by Elie Habib, co-founder of Anghami, as CEO. The transaction is expected to close in Q1 2024.
“Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab world,” said Habib. “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.”
Joe Kawkabani, CEO of OSN Group, added: “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.”
Following the closing, OSN Group will own a majority stake in Anghami and will continue to run its linear TV business, OSNtv, with Kawkabani as group CEO.