OSN Group has successfully finalized its acquisition of a majority stake in Anghami Inc., the leading music and entertainment streaming platform in the MENA region. This landmark transaction, which has received all necessary regulatory approvals, marks a pivotal moment for both companies and the broader streaming industry.
Under the agreement, OSN Group has acquired a commanding 55.45% stake in Anghami, granting it majority ownership at a valuation of $3.69 per share. This valuation represents a significant premium, standing at 1.9 times the closing price of Anghami’s stock on Thursday, March 28th. With this acquisition, the combined entity is poised to become a powerhouse in the digital streaming space, boasting over 120 million registered users, approximately 2.5 million paid subscribers, and an impressive revenue projection nearing $100 million.
Anghami, established in 2012, has been a pioneer in digitizing the MENA region’s music landscape. With a vast catalog exceeding 100 million songs, including licensed content from top Arabic labels, independent artists, and global distributors, Anghami has emerged as a go-to platform for music enthusiasts across the region. Its strategic partnerships with over 40 telecom operators have facilitated seamless user subscriptions and acquisitions, while collaborations with major music labels such as Universal Music Group, Sony Music Entertainment, Warner Music Group, and the Merlin Network have further enriched its content offerings.
The consolidation of OSN+’s extensive library of premium video content, totalling 18,000 hours, with Anghami’s diverse music and podcast catalog presents an unparalleled opportunity for the combined entity. Leveraging Anghami’s advanced technology stack, which includes AI-driven hyper-personalization, the new entity is poised to deliver an enhanced streaming experience to users, promising best-in-class products and services.
As part of the integration, Elie Habib, Co-founder, and CTO of Anghami, will assume the role of incoming CEO of the combined entity, spearheading its growth and innovation initiatives. Meanwhile, Joe Kawkabani will continue to serve as CEO of OSN Group, ensuring seamless transition and alignment of strategic objectives.
With headquarters in Abu Dhabi and a presence in key regional hubs such as Beirut, Dubai, Cairo, and Riyadh, Anghami operates across 16 countries in the MENA region. This acquisition not only strengthens OSN Group’s position in the digital entertainment landscape but also underscores its commitment to driving innovation and delivering unparalleled content experiences to audiences across the region.
