Kuwait Projects Company (KIPCO) has hired bankers to sell its 60.50% stake in Panther Media Group Limited, otherwise known as OSN, as reported by Arabian Business. Dubai-based pay-TV provider, OSN reportedly represents KIPCO’s entire media division.
Panther Media Group, registered in the Dubai International Financial Centre, has two shareholders – KIPCO and Saudi investment firm Mawarid Group Limited. While KIPCO reportedly owns 60.5% in OSN, Saudi Arabia’s Mawarid Group holds 39.5% stake in OSN.
As per the Arabian Business report, KIPCO’s move comes after its pay-TV subsidiary witnessed a 10% drop in Q3 revenue compared to the same period in 2017.
Sources at KIPCO have reportedly said that OSN is carrying out a careful review of various revenue opportunities and looking at cost rationalisation initiatives including an in-depth review of what content works for customers and what does not.
In 2017, the broadcaster had launched SVOD platform Wavo to offset competition from OTT platforms such as Netflix and StarzPlay Arabia. In February this year, it also signed the first partnership deal in the region with global streaming service Netflix, allowing customers to access Netflix content library via a new OSN Box.