Dubai-based broadcaster OSN is to merge its streaming platform OSN+ with streaming app Anghami after signing a conditional binding agreement.

Dubai-based OSN, a subsidiary of Kuwait-listed KIPCO, will inject up to $50 million into Abu Dhabi-based Anghami for a majority stake in the app.

The transaction is subject to approvals and is expected to be finalised in early 2024, a Boursa Kuwait filing from KIPCO said Tuesday.

The new entity will have more than 120 million registered users, 2.5 million paying subscribers and $100 million in revenue, the companies said in a joint statement.

Abu Dhabi-based Anghami received $5 million in investment from Saudi Arabia’s SRMG Ventures, the venture capital arm of Tadawul-listed Saudi Research and Media Group SJSC, in August.

Anghami has a number of regional investors including Middle East Venture Partners, Mobily Ventures Holding WLL, with Shuaa Asset Management holding the largest share at 15.55% according to Refinitiv data. 

(Writing by Imogen Lillywhite; editing by Seban Scaria)