OSNs majority stakeholder Kuwait Projects Company (Kipco) and its fellow shareholder Mawarid Group have turned down the bid from an unnamed private equity firm in the US for between 51 and 100 % of OSN. The offer included $2.4bn in cash and $800 million linked to certain conditions, said Kipco, which had first reported the […]
OSNs majority stakeholder Kuwait Projects Company (Kipco) and its fellow shareholder Mawarid Group have turned down the bid from an unnamed private equity firm in the US for between 51 and 100 % of OSN.
The offer included $2.4bn in cash and $800 million linked to certain conditions, said Kipco, which had first reported the offer last month.
Kipco owns 60.5% of OSN, and Mawarid Group holds the rest.
OSN broadcasts Hollywood blockbusters and television shows, Arabic language content and sporting events including the London Olympics.
The subscription-based network was valued at $4.3bn last year by Arqaam Capital, based on expected growth in the pay-TV sector and after its acquisition of the South Asian-language network Pehla.
OSN offers about 135 channels and has more than 1 million subscribers. It recently launched a streaming online service for $10 per month. It posted earnings last year of USD 490m.
Kipco had announced last year that it intended to take OSN public, sentiments that were repeated at the firms annual general meeting this March, according to Reuters.
David Butorac, CEO of OSN had commented in May this year: We have no current plans for an IPO. The shareholders have publicly articulated they are looking at the options for the future and one of those is to approach the equity markets. But as it stands today, we have no active plans or time frame.
