Elie Habib (left) and Joe Kawkabani. (Credit: DR)
Announced in November 2023, the merger-acquisition between the Lebanese music streaming platform, Anghami, and the video streaming platform of the Emirati group Orbit Showtime Network (OSN), OSN+, was finalized on Tuesday.
The merger creates a multimedia platform, the "first of its kind," combining the product and service offerings of the two companies, which are leaders in their respective fields in the Middle East, the Gulf and Maghreb. For Elie Habib, one of the co-founders of Anghami, and now CEO of this new entity, which will keep the Anghami name, it is all about "reinventing entertainment in the Arab world." Joe Kawkabani, CEO of OSN Group, remains in his position.
Specifically, the new platform brings together OSN+'s exclusive premium library of 18,000 hours of video content and Anghami's rich catalog of over 100 million songs and podcasts under the Anghami umbrella.
Under the terms of the agreement, the OSN Group has acquired a 55.45 percent stake in Anghami, becoming the majority shareholder by investing $3.69 per share, or 1.9 times the closing share price on Thursday, March 28. The deal creates a company with more than 120 million registered users, including some 2.5 million paying subscribers, and sales of close to $100 million, according to information published on Tuesday in the announcement press release.
Launched at the end of 2012 by Habib and Eddy Maroun, this start-up has enjoyed dazzling success over the past ten years, successfully establishing itself as the regional leader in music streaming. As a sign of its success, came in 2022 when it became the first Arab tech company to be listed on the Nasdaq stock exchange in New York.
This article originally appeared in French in L'Orient-Le Jour.