The combination of OSN+ and Anghami Inc. will be the first
regional platform that provides video and music, backed by up to
$50 million cash investment in
Anghami and bringing together over 120 million registered users,
2.5+ million subscribers and $100+ million revenue at closing
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
ABU
DHABI, UAE, Nov. 21,
2023 /CNW/ -- In a milestone transaction set to
reshape the MENA media and entertainment landscape,
OSN+, the region's leading streaming platform for premium
content and Anghami Inc. (NASDAQ: ANGH) ("Anghami"), the
leading music and entertainment streaming platform in the
Middle East and North Africa have announced a deal that will
combine their businesses. A first of its kind in the region, the
combination of the two local home-grown brands will offer consumers
unprecedented digital aggregation of the best and latest in premium
movies, TV shows, music, podcasts and more while providing a rich
and seamless user experience.
Backed by a cash investment of up to $50
million from OSN Group in Anghami, the deal will bring
together over 120 million registered users, more than 2.5 million
paying subscribers with over $100
million in revenue at closing, transforming Anghami Inc.
into one of the region's largest streaming platforms. Anghami
boasts a catalogue of over 100 million songs, with exclusives from
artists such as Amr Diab, the all-time best-selling Middle Eastern
artist, while OSN+ has over 18,000 hours of video content and
exclusive partnership with premium international studios such as
HBO, NBC Universal, Paramount, and leading Arabic and Turkish
studios.
With customer-centricity at its core, the new platform will be
committed to offering the best product and content experience in
the region. Recognizing the power of both brands, the platform will
leverage Anghami's strong tech stack and rich music catalogue
coupled with OSN+'s library of premium video content to deliver a
unique digital streaming experience with AI-driven hyper
personalization that prioritizes recommendations based on user
preference.
Elie Habib, co-founder of
Anghami and set to be the CEO of the combined business
commented: "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."
Joe Kawkabani, CEO, OSN
Group, added: "This is a major milestone in OSN's journey as we
continue to scale up our streaming business. 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. As two
home-grown entities with an unmatched understanding of the local
market, we are confident that this new offering will change the
face of the regional streaming landscape."
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 the first quarter of 2024, subject to customary closing
conditions and regulatory approvals. Following the closing of the
transaction, OSN Group will own a majority stake in Anghami Inc.
The final amount of the OSN Group's cash investment in Anghami and
the final number of Anghami securities to be issued in a private
placement to the OSN Group is subject to adjustment based on the
terms of the definitive transaction agreement. In addition to its
stake in Anghami, OSN will continue to run its linear TV business
OSNtv, with Joe Kawkabani as Group
CEO.
Cautionary Language
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Anghami's actual
results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "will," "estimate," "project," "budget,"
"anticipate," "intend," "plan," "may," "could," "should,"
"believes," "continue," "predicts," "potential," "continue," and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from those discussed in the forward-looking
statements because they relate to events and depend upon future
circumstances that may or may not occur, such as the consummation
of the transaction and the anticipated benefits thereof. Most
of these factors are outside Anghami's control and are difficult to
predict. Factors that may cause such differences include, but
are not limited to, the risk that the completion of the transaction
on the anticipated terms and timing may not occur, including
obtaining required regulatory approvals, and the satisfaction of
other conditions to the completion of the transaction; potential
litigation relating to the transaction, including the effects of
any outcomes related thereto; the risk that Anghami may not
otherwise meet the requirements for continued listing on the Nasdaq
Stock Market; the risk that disruptions from the transaction will
harm Anghami's business, including current plans and operations;
the ability of Anghami to retain and hire key personnel; potential
adverse reactions or changes to business relationships resulting
from the announcement or completion of the transaction;
legislative, regulatory and economic developments affecting
Anghami's business; general economic and market developments and
conditions; potential business uncertainty, including changes to
existing business relationships, during the pendency of the
transaction that could affect Anghami's financial performance;
certain restrictions during the pendency of the transaction that
may impact Anghami's ability to pursue certain business
opportunities or strategic transactions; unpredictability and
severity of catastrophic events, including but not limited to acts
of terrorism, pandemics, outbreaks of war or hostilities, as well
as Anghami's response to any of the aforementioned factors;
significant transaction costs associated with the transaction; the
possibility that the transaction may be more expensive to complete
than anticipated, including as a result of unexpected factors or
events; the occurrence of any event, change or other circumstance
that could give rise to the termination of the transaction;
competitive responses to the transaction; the risks and
uncertainties pertaining to Anghami's business; and other risks and
uncertainties identified in Anghami's Annual Report on Form 20-F
filed with the U.S. Securities and Exchange Commission (the "SEC")
on May 16, 2023, including those
under "Risk Factors" therein, and in other documents filed or to be
filed with the SEC by Anghami and available at the SEC's website at
www.sec.gov. Anghami cautions that the foregoing list of factors is
not exclusive. Anghami cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Except as required by law, Anghami does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of Anghami's ordinary
shares, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About OSN+
OSN+ is the region's leading local premium streaming service,
featuring an incredible line-up of exclusive global and local
curated content. Led by its long-term partnerships with major
studios including HBO, NBC Universal, Paramount+, Endeavor Content,
MGM, and Sony, the platform ensures the latest content at the same
time as the US, including critically acclaimed series and must-see
movies, as well as world-class Arabic original content and OSN+
Originals.
OSN+ can be accessed through all your favourite devices,
including major TV platforms, all iOS, and Android devices, and
from the web. Find out more and stream now at www.osnplus.com
About OSN
OSN is the leading service for premium entertainment servicing
the MENA region in 22 countries featuring exclusive and in-demand
premium global and local hit tv series and films. OSN delivers
content across multiple divisions: OSN+, OSNtv, and b2b offerings
in every market. Home to the most compelling content from around
the world, OSN spearheads premium content including Western,
Arabic, Turkish and more across divisions, distinctively known for
broadcasting the latest content on the same day as the US,
including popular series, blockbuster movies, and the best in kids
and lifestyle programming.
OSN's ambition is to deliver entertainment everywhere for
everyone, which is informed by the company's three key pillars: A
customer-first approach, unrivaled exclusive content, and
unbeatable value. By seamlessly bringing together Global Network
Partnerships, Studios, and Originals, along with reimagined Linear
channels, OSN provides an ecosystem of entertainment.
For media inquiries, please
contact:
Cham
Alatrach
cham.alatrach@ipn.ae
+971 58 596 7729
Impact Porter Novelli
About Anghami
The first, most-established and fastest-growing music technology
platform in the Middle East and
North Africa region, Anghami is
the go-to destination for Arabic and International music, podcasts
and entertainment. With an extensive ecosystem of music, podcasts,
events and more, Anghami provides the tools for anyone to create,
curate and share their voice with the world. Launched in 2012,
Anghami was the first music-streaming platform in MENA to digitize
the region's music. Today, it has the largest catalogue comprising
more than 100 million songs and licensed content from leading
Arabic labels, independent artists and global distributors,
available for 120 million registered users. Anghami has established
40+ telco partnerships to facilitate subscriptions and customer
acquisitions, in parallel to building long-term relationships with,
and featuring music from, major music labels including Universal
Music Group, Sony Music Entertainment, Warner Music Group and the
Merlin Network. Anghami is constantly licensing and producing new
and original content. Headquartered in Abu Dhabi, Anghami has offices in Beirut, Dubai, Cairo, and Riyadh and operates in 16 countries across
MENA. To learn more about Anghami, please visit:
https://anghami.com
For media inquiries, please contact:
Marian Bahader
press@anghami.com
Investor Relations:
ir@anghami.com
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SOURCE OSN+; Anghami
