Warner Bros. Discovery (WBD) has acquired a minority stake in OSN Streaming Ltd., a subsidiary of OSN Group, for $57 million, which translates to about one-third ownership. The acquisition represents WBD’s foray into the MENA Region’s rapidly evolving digital entertainment market. Pending regulatory approvals, it is poised to produce locally resonating content for the region, which has a growing appetite for both global blockbusters and culturally pertinent storytelling.
OSN Group CEO Joe Kawkabani noted that the agreement with WBD will strengthen OSN’s position as a leading entertainment provider. He said WBD’s expertise and legendary brands would enrich OSN’s content and boost local storytelling.
OSN Streaming has already secured major partnerships, including an exclusive deal with HBO in 2022 and a controlling interest in Anghami Inc. earlier this year. With the WBD investment, OSN will double down on original content and eye opportunities beyond MENA.
WBD Executive Vice President Jamie Cooke stated the company was delighted with the partnership, as OSN has been a great partner in reaching MENA audiences. The investment aims to enhance regional storytelling while highlighting the region’s cultural diversity.
The move forms part of WBD’s global strategy of partnering with the best creative talent, adopting new technology, and expanding into high-growth markets. With nearly 117 million subscribers across platforms like Max and Discovery+, WBD continues to target growth in priority markets, including MENA, whose Dubai office has been active since 2012.
The agreement also has the potential to benefit local creators, as the two entities have agreed to co-invest in high-quality local content. The partnership will likely bring regional stories to the globe, enriching the viewing experience of MENA and international audiences.
Kamco Investment Company and Skadden, Arps, Slate, Meagher & Flom LLP advised OSN on the deal, and A&O Shearman advised WBD.
