OSN+ and Anghami Sign Landmark Transaction Set to Transform MENA Entertainment
ABU DHABI, UAE, Nov. 21, 2023 /PRNewswire/ -- In a milestone transaction set to reshape the MENA media and entertainment landscape, OSN+, the region's leading streaming platform for premium content and Anghami Inc. (NASDAQ: ANGH) ("Anghami"), the leading music and entertainment streaming platform in the Middle East and North Africa have announced a deal that will combine their businesses. A first of its kind in the region, the combination of the two local home-grown brands will offer consumers unprecedented digital aggregation of the best and latest in premium movies, TV shows, music, podcasts and more while providing a rich and seamless user experience.
- Elie Habib, co-founder of Anghami and set to be the CEO of the combined business commented: "Joining forces with OSN+ is a leap in Anghami's journey to reinvent entertainment in the Arab World.
- Anghami intends to maintain the listing of its ordinary shares on the Nasdaq Stock Market following the closing of the transaction.
- The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals.
- Following the closing of the transaction, OSN Group will own a majority stake in Anghami Inc.