Anghami Merges With OSN+ In A $38Mn Deal To Create Mega Digital Entertainment Platform
Abu Dhabi-based Anghami, renowned music and entertainment streaming platform, has officially united with OSN+, a leading premium video streaming service, in a $38mn deal, marking a significant transformation in the digital entertainment sector. The merger, which was finalized after receiving all required regulatory approvals, positions OSN Group as the majority stakeholder in Anghami, with a 55.45% share at a valuation of $3.69 per share. This valuation is notably 1.9 times the closing price on March 28, signaling a strong vote of confidence in the potential of the merged entity.
The collaboration between Anghami and OSN+ sets a new precedent in the region's entertainment industry, creating a combined powerhouse with over 120 million registered users, 2.5 million of whom are paid subscribers, and projected revenues nearing $100 million. This merger is not only a strategic alliance but also a fusion of two home-grown brands that aim to offer a comprehensive digital hub for premium movies, TV shows, music, podcasts, and more, thus enhancing the consumer experience significantly.
Revolutionizing the Streaming Landscape
The integration of Anghami and OSN+ is poised to reshape the streaming landscape by bringing together an extensive library of content, including 18,000 hours of premium and exclusive video content from OSN+ and more than 100 million songs and podcasts from Anghami. This vast collection will provide unparalleled access to diverse entertainment options for users across the region.
Furthermore, the merged entity plans to leverage Anghami's sophisticated technological infrastructure to introduce innovative features aimed at improving the streaming experience. These advancements include AI-driven hyper-personalization capabilities and the promise of new, advanced products that are yet to be disclosed.
Leadership and Future Prospects
With the merger now complete, Elie Habib, Co-founder and Chief Technology Officer of Anghami, is set to lead the combined entity as its CEO. Joe Kawkabani will continue to serve as CEO of OSN Group, ensuring a seamless transition and the successful integration of both companies' operations.
The strategic fusion of Anghami and OSN+ heralds a new chapter in the evolution of digital entertainment in the region. By combining their strengths, the companies aim to offer an unmatched selection of content and a superior user experience, setting a new standard for what consumers can expect from streaming services.
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