The transaction has received all required
regulatory approvals for successful closure
OSN Group's investment in Anghami gives it a
majority stake at a valuation of $3.69 per share
ABU
DHABI, UAE, April 2,
2024 /CNW/ -- Anghami Inc. (NASDAQ: ANGH)
("Anghami"), a leading music and entertainment streaming platform,
and OSN+, a leading video streaming platform for premium content,
today announced the successful completion of their landmark
transaction after receiving all regulatory approvals.
OSN Group has acquired 55.45% in Anghami, giving it a majority
stake at a valuation of $3.69 per
share, 1.9x the closing price of the stock on Thursday 28th of
March. This deal will result in a company with over 120 million
registered users, circa 2.5 million paid subscribers and close to
$100 million in revenue at
closing.
The combined entity brings together OSN+'s premium and exclusive
library of 18,000 hours of video content with Anghami's rich
catalog of more than 100 million songs and podcasts. Moreover, it
will benefit from Anghami's strong tech stack, delivering an
enhanced streaming experience with AI-driven hyper-personalization
and soon to be announced best-in-class products.
Elie Habib, Anghami Co-founder
and CTO, will lead the combined entity as incoming Anghami CEO,
while Joe Kawkabani will remain as
OSN Group CEO.
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 catalog 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.
Anghami also operates 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 favorite devices,
including major TV platforms, all iOS, and Android devices, and
from the web. Find out more and stream now at
www.osnplus.com
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
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.
Forward Looking Statements
This press release contains forward-looking statements about our
business and operations. Anghami's forward-looking statements are
based on Anghami's current expectations and estimates of future
events and trends, which affect or may affect Anghami's businesses
and operations. Although Anghami believes that these
forward-looking statements are based upon reasonable assumptions,
they are subject to numerous risks and uncertainties and are made
in light of information currently available to Anghami. Many
important factors may adversely affect Anghami's results as
indicated in forward-looking statements. A detailed discussion of
these factors that could cause actual results and events to differ
materially from Anghami's forward-looking statements is included in
Anghami's filings with the U.S. Securities and Exchange Commission
("SEC"), including the Annual Report on Form 20-F filed with the
SEC on May 16, 2023, as updated by
subsequently filed reports with the SEC. Anghami undertakes no
obligation to update forward-looking statements to reflect events
or circumstances occurring after the date of this report.
Photo:
https://mma.prnewswire.com/media/2377101/Anghami_OSN_Complete_Milestone_Transaction.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/anghami-and-osn-successfully-complete-milestone-transaction-creating-an-entertainment-powerhouse-302105229.html
SOURCE Anghami