Dubai-based OSN+ and Nasdaq-listed Anghami are joining forces to create one of the Middle East’s largest streaming platforms, aiming to rival global giants like Spotify and Netflix. The deal involves a significant cash investment of up to $50 million from OSN Group into Anghami. In a region where streaming services have gained immense popularity, especially among the digitally savvy population, this merger will provide consumers with an unparalleled digital aggregation of premium movies, TV shows, music, podcasts, and more.

The combined business is set to be a powerhouse with $100 million in revenue, uniting over 120 million registered users and 2.5 million paying subscribers on a single platform. Elie Habib, co-founder of Anghami, will lead the merged business. Further, OSN Group's investment in Anghami values the company at $3.65 per share, marking 3.9 times Anghami’s average stock price for the past month. The transaction is anticipated to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals.