Anghami to combine business with OSN+ platform including $50M investment

Anghami and OSN+, a streaming platform in the Middle East and North Africa for premium content, have announced a deal that will combine their businesses. The combination of the two brands will offer consumers digital aggregation of movies, TV shows, music, podcasts and more. Backed by a cash investment of up to $50M from OSN Group in Anghami, the deal will bring together over 120 million registered users, more than 2.5 million paying subscribers with over $100M in revenue at closing. Anghami’s catalogue has over 100 million songs, while OSN+ has over 18,000 hours of video content and exclusive partnership with international studios such as HBO, NBC Universal, Paramount, and leading Arabic and Turkish studios. The platform will leverage Anghami’s tech stack and music catalogue coupled with OSN+’s library of video content. The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock’s average price for the past month. Anghami intends to maintain the listing of its ordinary shares on the Nasdaq Stock Market following the closing of the transaction. The transaction is expected to close in 1Q24, subject to customary closing conditions and regulatory approvals. Following the closing of the transaction, OSN Group will own a majority stake in Anghami. In addition to its stake in Anghami, OSN will continue to run its linear TV business OSNtv, with Joe Kawkabani as Group CEO.