Anghami & OSN+ successfully complete milestone transaction, creating an entertainment powerhouse

Kuwait City, Apr 2: KIPCO – Kuwait Projects Company (Holding) – announced that OSN’s leading video streaming platform for premium content, OSN+, and Anghami Inc., a leading music and entertainment streaming platform for premium content, have successfully completed 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, March 28. This deal will result in a company with over 120 million registered users, circa 2.5 million paid subscribers and close to US$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.

<p>The post Anghami & OSN+ successfully complete milestone transaction, creating an entertainment powerhouse first appeared on ARAB TIMES – KUWAIT NEWS.</p>

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Chronicles Live is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – chronicleslive.com. The content will be deleted within 24 hours.

Leave a Comment