Warner Bros. Discovery Takes a Bold Leap into MENA Streaming with OSN Stake

Warner Bros. Discovery (WBD) has announced a strategic minority investment in OSN Streaming Ltd., a subsidiary of OSN Group (OSN). Through this minority stake, WBD reinforces its commitment to the region’s rapidly growing streaming landscape. The transaction will be completed in stages and is subject to customary conditions, including regulatory approvals.

This investment builds on OSN’s market leadership in MENA’s streaming industry. OSN has continued to evolve its offering, securing long-term partnerships with major global players, including its exclusive deal with HBO in 2022, and acquiring a majority stake in Anghami Inc. in April 2024.

We are delighted to be announcing this deal between WBD and OSN, which reflects the importance that WBD places on working with the best creative talents, employing advanced technologies, and forging key partnerships that ensure continued growth, which is what OSN’s streaming business provides to the region’s viewers. This partnership affirms the success of strategy that KIPCO laid out to focus on and strengthen our streaming business, even in a competitive market environment. The transaction builds on OSN’s strong growth trajectory and market leadership in MENA’s streaming industry, strengthening its competitive position as one of the region’s premier entertainment destinations.

– Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer and Chairperson, OSN

It’s our goal to tell the greatest stories, whilst innovating our products and distribution channels. OSN has been a great partner and custodian of our content, making this union partnership a natural step for WBD. We recognize that alongside enjoying the latest global hits, regional audiences also want stories from and about the region that reflect their own cultures and experiences. Through this deal, we’re delighted to announce that both OSN and Warner Bros. Discovery will invest in high-quality, locally produced content, ensuring a richer and more diverse offering for viewers.

– Jamie Cooke, Executive Vice President & Managing Director, Central Europe, Turkey and Middle East, Warner Bros. Discovery

We are thrilled to welcome WBD as a strategic partner. As a global leader in entertainment, WBD brings unparalleled expertise, innovation, and a rich portfolio of iconic brands. This investment is a significant milestone in OSN’s growth journey, reinforcing our dedication to delivering unique and compelling content. It also bolsters our commitment to expanding our investment in local content, broadening its reach beyond MENA to global audiences.

– Joe Kawkabani, CEO, OSN Group

At the same time, WBD’s strategic investment reflects the company’s prioritization of working with the best creative talent, advancing technologies, and forging key partnerships to fuel continued growth, with global streaming subscribers across Max and Discovery+ now standing at nearly 117 million. It also underscores its sustained expansion in the MENA region, reinforcing its presence in one of the world’s most dynamic entertainment markets. Since establishing its regional office in Dubai in 2012, WBD has steadily deepened its footprint, bringing world-class entertainment to audiences across the region.

The transaction advisors included Kamco Investment Company K.S.C and the Abu Dhabi office of Skadden, Arps, Slate, Meagher & Flom LLP for OSN Group, and A&O Shearman for WBD.