OSN+, a digital streaming platform based in the UAE, and the music streaming app Anghami Inc, founded in Lebanon, have officially announced their merger into a single media group after completing the deal and obtaining all regulatory approvals.<\/p>\n
OSN+ now holds 55.45% of Anghami, giving it a majority stake valued at $3.69 per share.<\/p>\n
Anghami was founded in 2011 by Eddy Maroun and Elie Habib, while OSN+, owned by Kuwait Projects Company Holding (KIPCO), holds a larger share in Anghami.<\/p>\n
In November, the two companies announced their merger into one entity in a deal worth $50 million.<\/p>\n
Last month, the Saudi media giant MBC Group acquired a 13.7% stake in Anghami.<\/p>\n
In August, Anghami, which went public on the NASDAQ stock exchange last year, received a $5 million investment from Saudi company SRMG Ventures.<\/p>\n
In a press release, OSN+, a leading video streaming platform for premium content, and Anghami Inc.<\/p>\n
(NASDAQ: ANGH), a leading music and entertainment streaming platform, announced the successful completion of their significant deal after obtaining all regulatory approvals.<\/p>\n
The OSN Group has acquired a 55.45% stake in Anghami, giving it a majority share valued at $3.69 per share, which is 1.9 times the closing price of the share on Thursday, March 28.<\/p>\n
This deal will create a company with over 120 million registered users and approximately 2.5 million paid subscribers, with revenues approaching $100 million at closing.<\/p>\n
The merged entity will combine OSN+’s exclusive premium video library of 18,000 hours with Anghami’s rich index of over 100 million songs and podcasts.<\/p>\n
Additionally, the company will benefit from Anghami’s powerful technological tools, allowing for an enhanced streaming experience using AI-driven customization and soon-to-be-announced industry-leading products.<\/p>\n
Elie Habib, co-founder of Anghami and Chief Technology Officer, will lead the new merged entity as its CEO, while Joe Kawkabani will remain CEO of the OSN Group.<\/p>\n","protected":false},"excerpt":{"rendered":"
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