This transaction has received all necessary regulatory approvals for successful completion.
OSN Group's investment in Angami gave the company a majority stake at valuation. $3.69 per share
abu dhabi,United Arab Emirates, April 2, 2024 /CNW/ — Anghami Inc. (NASDAQ: ANGH) (“Anghami”), a leading music and entertainment streaming platform, and OSN+, a leading video streaming platform for premium content, today complete a landmark transaction It was announced on the back that it was completed. All regulatory approvals.
OSN Group acquired 55.45% of Angami, giving it a majority stake at valuation. $3.69 per share, 1.9 times the stock price closing price on Thursday, March 28th. The deal creates a company with more than 120 million registered users and approximately 2.5 million paying subscribers. 100 million dollars Proceeds at closing.
The combined entity will combine OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's rich catalog of over 100 million songs and podcasts. Additionally, it will benefit from Angami's strong technology stack to deliver an enhanced streaming experience with AI-driven hyper-personalization, making it a best-in-class product to be launched soon.
Elie Habibco-founder and CTO of Angami, will lead the combined entity as the next CEO of Angami. Joe Kaukabani He will remain as OSN Group CEO.
About Angami
The world's first, most established and fastest growing music technology platform middle east and north africa In the region, Anghami is the go-to place for Arabic and world music, podcasts, and entertainment. With an extensive ecosystem of music, podcasts, events, and more, Her Anghami gives anyone the tools to create, manage, and share their voice with the world. Founded in 2012, Anghami is the first music streaming platform to digitize music in the MENA region. Today, he has the largest catalog of over 100 million songs and licensed content from major Arabic labels, independent artists and global distributors, with 120 million registered users. available. Angami has built long-term relationships with major music labels such as Universal Music Group, Sony Music Entertainment, Warner Music Group, and Merlin Network to feature music from them while driving subscriptions and customer acquisition. Established over 40 communications partnerships. Anghami is constantly licensing and producing new original content.
Angami also operates OSN+, the region's leading local premium streaming service, featuring an incredible lineup of globally and locally curated exclusive content. Guided by long-term partnerships with major studios such as HBO, NBC Universal, Paramount+, Endeavor Content, MGM, and Sony, the platform delivers the latest content, including critically acclaimed series and must-see movies, simultaneously to the U.S. Masu. Also includes world-class Arabic original content and his OSN+ originals.
You can access OSN+ on all your favorite devices, including all major TV platforms, all iOS and Android devices, and on the web. Learn more and stream now at www.osnplus.com.
headquartered in abu dhabiAngami has offices at: Beirut, dubai, Cairoand Riyadh We operate in 16 countries in MENA. For more information about Anghami, please visit https://anghami.com.
About OSN
OSN is a leading premium entertainment service serving the MENA region of 22 countries, featuring exclusive and in-demand premium global and local hit TV series and movies. OSN distributes content across multiple sectors, including OSN+, OSNtv, and b2b services in every market. Home to the most engaging content from around the world, OSN leads the way across the sector with premium content including Western, Arabic, Turkish and more, popular series, blockbuster movies, kids and lifestyle programming The best.
OSN's goal is to provide entertainment for everyone, everywhere. This is underpinned by the company's three key pillars: a customer-first approach, unparalleled exclusive content, and unparalleled value. OSN delivers an entertainment ecosystem through seamless integration of global network partnerships, studios, and original and reimagined linear channels.
Forward-looking statements
This press release contains forward-looking statements regarding our business and operations. Anghami's forward-looking statements are based on Angami's current expectations and estimates regarding future events and trends that affect or may affect Angami's business and operations. Although Anghami believes these forward-looking statements are based on reasonable assumptions, they are subject to a number of risks and uncertainties and are based on information currently available to Anghami. It has been created. A number of important factors could adversely affect Angami's results of operations as set forth in the forward-looking statements. A detailed discussion of these factors that could cause actual results or events to differ materially from Anghami's forward-looking statements can be found in Anghami's filings with the Securities and Exchange Commission (“SEC”) on Form 20 -Including annual reports filed with F). With SEC on May 16, 2023, as updated by reports subsequently filed with the SEC. Angami undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this report.
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Source Angami
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