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Warner-OSN tipped to inspire more deals for Mena streamers

By Gavin Gibbon
A poster advertising HBO drama 'The Last of Us'. The show airs on OSN in the Gulf under its deal with Warner Bros Robert vant Hoenderdaal/Alamy via Reuters
A poster advertising HBO drama 'The Last of Us'. The show airs on OSN in the Gulf under its deal with Warner Bros
  • US giant to pay $57m for one-third stake
  • 50-plus streamers operate in region
  • Market set to grow 11% a year

The tie-up between US giant Warner Bros Discovery and Dubai’s OSN Streaming could be a sign of things to come for the Middle East’s entertainment industry, media insiders have told AGBI. 

Warner Bros said on Monday it would pay $57 million for a one-third stake in the streaming business, a subsidiary of Orbit Showtime Network Group.

OSN is one of the 50-plus streaming services operating in the Middle East, including international players Netflix and Amazon Prime as well as homegrown rivals such as Starzplay. 

“Either people will go out of the market eventually or they consolidate and get stronger,” OSN Group CEO Joe Kawkabani tells AGBI.

Three years ago a unit of state-owned telecommunications company e& – formerly Etisalat – and Abu Dhabi holding company ADQ bought a majority stake in Starzplay for $420 million.

Last April OSN completed a $55 million investment in Anghami, giving it a 55 percent stake in the music streamer.

The streaming market in the Middle East and North Africa is expected to grow at a compound annual growth rate of 11 percent between 2023 and 2029, according to analyst Research and Markets. Subscriptions are forecast to reach 26 million, up from 14 million in 2023.

“Throwing another streaming service into the mix – I’m not sure that’s right for the consumer,” says Jamie Cooke, executive vice president and managing director for Warner Bros’ Central Europe, Turkey and Middle East business.

The agreement with OSN, which still needs regulatory approval, envisages the two companies collaborating to produce more local and regional content.

OSN broadcasts programming from major TV networks such as Paramount Global and the BBC, along with regional content in Arabic and Turkish.

It signed a multi-year licensing deal with Warner Bros in 2022, securing broadcasting and streaming rights for content including HBO shows. The partnership was strengthened last year when OSN gained exclusive access to the Warner film catalogue.

OSN is owned and operated by Panther Media Group, registered in the Dubai International Financial Centre. It has two shareholders: Kuwait-based investment holding company Kipco and Saudi private investor Mawarid Group.

Kawkabani says: “I’m sure there’s quite a few people that now are looking at this [agreement with Warner Bros], or maybe regretting not moving faster, but I think the way it will work from here on is anybody that wants to join this has to add value to both OSN and our partners.”

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