Anghami to Combine With MENA Film and Television Streaming Platform OSN+, Creating ‘A Comprehensive Media Ecosystem’

Middle Eastern music service Anghami is formally set to sign up with forces with Dubai-based movie and tv streaming platform OSN+. Following the approximately $50 million offer’s statement, Anghami shares (NASDAQ: ANGH) saw their worth spike by about 50 percent.

Anghami and OSN+, a department of the name Panther Media Group-owned OSN, officially revealed their prepared mix today. Upon getting here on the general public market by means of an unique function acquisition business (SPAC) handle February of 2022, Anghami carried out highly, with its shares eventually reaching almost $20 each by the month’s end.

Regardless of this preliminary proving and the fast development of MENA’s music marketnumerous elements led to a timely stock-price falloff for ANGH, which was trading for around $1.60 at 2022’s end. Saudi Research and Media Group-backed Anghami has actually continued to have a hard time on the stock-price front throughout 2023 and, in mid-October, gotten a notification of prospective delisting from NASDAQ.

Thanks to the OSN+ pact, nevertheless, it appears that Anghami will prevent the latter. According to the included celebrations, OSN, which is stated to relay in 17 nations throughout MENA, will offer “a money financial investment of as much as $50 million” in connection with the deal.

Said financial investment will particularly be made at $3.65 per share, or “3.9 x the stock’s typical rate for the previous month,” business stressed. With an awaited wrap date in Q1 2024, the offer is anticipated to see OSN end up being Anghami’s bulk investor– though the music service is poised to stay on NASDAQ.

Broadening on the point, Anghami stock deserved $2.37 per share at the time of this writing, showing an even 50 percent increase on the day and a 137 percent walking throughout the previous 5 trading days, however a 13 percent dip from late November of 2022.

Larger photo, OSN+ (memberships to which cost AED 35/$9.53 each month) currently provides fans a range of local movies and tv programs along with HBO, Paramount, and NBCUniversal programs, its site programs.

When the union’s settled, these seeing choices will be offered along with Anghami’s brochure of over 100 million tracks as part of “a distinct digital streaming experience with AI-driven active customization that focuses on suggestions based upon user choice,” Anghami and OSN+ drove home.

In a declaration, Anghami co-founder and CEO Elie Habib, who will likewise lead the post-combination business, discussed his enthusiastic vision for the upcoming “extensive media environment.”

“Joining forces with OSN+ is a leap in Anghami’s journey to transform home entertainment in the Arab World,” interacted Habib. “We’re uniting innovation, music and video to develop a thorough media environment. It’s an opportunity to deepen our connection with our users and to develop something they will really like.”