In a landmark move set to redefine the media and entertainment landscape in the Middle East and North Africa (MENA) region, Anghami Inc, the foremost music and entertainment streaming platform, and OSN+, the region’s premier streaming platform for premium content, have revealed a merger agreement. Following this announcement, Anghami’s stock has witnessed an impressive 47% surge in the market on Tuesday.
At the time of this publication, Anghami Inc stock (ANGH) has witnessed a surge.
Anghami Inc
Current Price: $2.33
Change : +0.75
Change (%): (47.47%)
Volume: 35.0M
Source: Tomorrow Events Market Data
This unprecedented merger between Anghami and OSN+ signifies a first-of-its-kind collaboration in the region, promising consumers an unparalleled digital aggregation of premium movies, TV shows, music, podcasts, and more. The fusion of Anghami and OSN+ is poised to deliver a seamless user experience, solidifying their positions as leading home-grown brands.
Underpinning this transformative deal is a substantial cash investment of up to $50 million from OSN Group into Anghami. The merger will amalgamate over 120 million registered users and more than 2.5 million paying subscribers, generating over $100 million in revenue at closing. This strategic alliance will elevate Anghami Inc. to the ranks of one of the region’s largest streaming platforms.
Anghami’s extensive catalog, boasting over 100 million songs, including exclusives from iconic artists like Amr Diab, merges seamlessly with OSN+’s repository of premium video content. OSN+ holds exclusive partnerships with globally renowned studios such as HBO, NBC Universal, Paramount, as well as leading Arabic and Turkish studios, offering over 18,000 hours of video content.
The new platform, founded on customer-centric principles, is committed to providing the best product and content experience in the region. Leveraging Anghami’s robust tech stack and music catalog alongside OSN+’s premium video content library, the platform aims to deliver a distinctive digital streaming experience. The incorporation of AI-driven hyper-personalization will prioritize recommendations based on user preferences.
Elie Habib, co-founder of Anghami and slated to be the CEO of the combined entity, expressed his excitement, stating, “Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World. 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.”
CEO of OSN Group, Joe Kawkabani, echoed this sentiment, emphasizing the milestone this merger represents in OSN’s streaming business expansion. “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,” Kawkabani stated.
The OSN Group’s investment in Anghami, valued at $3.65 per share, signifies a significant increase—3.9 times the stock’s average price for the past month. Anghami intends to maintain the listing of its ordinary shares on the Nasdaq Stock Market post-transaction. Expected to close in the first quarter of 2024, the transaction is subject to customary closing conditions and regulatory approvals.
Post-merger, OSN Group will hold a majority stake in Anghami Inc. Joe Kawkabani will continue to lead OSN Group’s linear TV business, OSNtv, as Group CEO. The final amount of OSN Group’s cash investment and the number of Anghami securities to be issued will be determined based on the terms of the definitive transaction agreement. This groundbreaking merger signifies a pivotal moment in the evolution of the regional streaming landscape.
