- OSN+ and Anghami merge, forming a media conglomerate with OSN+ owning 55.45% of Anghami at a valuation of $3.69 per share.
- The merger, valued at $50 million, was completed after receiving regulatory approvals in UAE and Lebanon.
- MBC Group acquires a 13.7% stake in Anghami, adding significant regional influence to the conglomerate.
- Anghami, founded in 2011, had previously gone public on the US NASDAQ and remains listed there after the merger.
- Prior investments include a $5 million contribution from Saudi VC firm SRMG Ventures, boosting Anghami’s financial standing.
OSN+, a prominent video streaming platform for premium content, and Anghami Inc. (NASDAQ: ANGH), a leading music and entertainment streaming platform, have successfully concluded their landmark transaction after securing all regulatory approvals.
Acquisition Details
OSN Group has obtained a controlling interest of 55.45% in Anghami, establishing itself as the majority stakeholder at a valuation of $3.69 per share, marking a significant increase of 1.9 times the closing price of the stock on Thursday, March 28th.
This acquisition sets the stage for the formation of a powerhouse entity, boasting a user base exceeding 120 million registered users, approximately 2.5 million of whom are paid subscribers. Additionally, the consolidated revenue is anticipated to approach $100 million upon closing.
Synergy in Content and Technology
The amalgamated entity combines OSN+’s distinguished library comprising 18,000 hours of premium and exclusive video content with Anghami’s extensive catalog, boasting over 100 million songs and podcasts. This synergy promises a holistic entertainment experience for users, offering a vast array of content seamlessly accessible through a single platform.
Moreover, the integration will leverage Anghami’s robust technological infrastructure, including its advanced AI-driven hyper-personalization capabilities, to enhance the streaming experience.
Leadership Transition
Elie Habib, co-founder, and Chief Technology Officer of Anghami, will assume the helm of the combined entity as the incoming CEO of Anghami, leveraging his expertise to steer the company towards further growth and innovation. Meanwhile, Joe Kawkabani will continue to serve as the CEO of OSN Group, ensuring continuity in leadership and strategic direction.
Strategic Vision
The strategic rationale behind the acquisition lies in the complementary nature of OSN+ and Anghami’s offerings. By integrating their respective strengths, the combined entity aims to capitalize on synergies to deliver unparalleled value to its vast user base. Furthermore, the transaction underscores the increasing convergence between video and music streaming platforms, reflecting a broader trend in the digital entertainment landscape.
The successful completion of the acquisition marks a significant milestone for both OSN+ and Anghami, paving the way for a new era of innovation and growth in the streaming industry. With a strengthened market position and enhanced capabilities, the combined entity is well-positioned to capitalize on emerging opportunities and redefine the future of entertainment streaming.
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Last Updated on April 3, 2024 by Safiya K
