Elie Habib, Co-founder and Chief Technology Officer of Anghami, is set to assume the role of CEO for the newly combined entity.
Anghami, the music and entertainment streaming platform, and OSN+, a premium video streaming service, have announced the successful completion of their landmark transaction. This follows the receipt of all necessary regulatory approvals.
The acquisition sees OSN Group securing a majority stake of 55.45% in Anghami, valuing each share at $3.69, which is 1.9 times the closing price recorded on Thursday, March 28. With this deal finalised, the combined entity emerges boasting an impressive user base of over 120m registered users, approximately 2.5m of which are paid subscribers, and a revenue close to $100m upon closing.
A first-of-its-kind in the region, the combination of the two local home-grown brands will provide consumers with a digital hub offering premium movies, TV shows, music, podcasts, and more, ensuring an immersive and seamless user experience.
The synergy between the two platforms promises to revolutionise the streaming landscape. The amalgamation of OSN+’s extensive library, featuring 18,000 hours of premium and exclusive video content, with Anghami’s vast collection of more than 100m songs and podcasts, heralds a new era of entertainment consumption. Additionally, the combined entity is set to leverage Anghami’s robust technological infrastructure to enhance the streaming experience. This will include AI-driven hyper-personalisation features and the imminent introduction of cutting-edge products yet to be unveiled.
Elie Habib, Co-founder and Chief Technology Officer of Anghami, will take the helm as the incoming CEO of the combined entity. Meanwhile, Joe Kawkabani will continue his role as CEO of OSN Group.
