Warner Bros Discovery has paid US$57 million for a 30% minority stake in OSN Streaming Ltd, a subsidiary of KIPCO’s OSN Group.The partnership includes a commitment to the creation of more locally produced content within the MENA market.The transaction will proceed in stages with Warner Bros Discovery given the option to adjust its level of investment in the future.Jamie Cooke, Executive Vice President & Managing Director, Central Europe, Turkey and Middle East at Warner Bros Discovery, said: “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 a natural step for Warner Bros Discovery. We recognise that alongside enjoying the latest global hits, regional audiences also want stories from and about the region that reflect their own cultures and experiences.”Joe Kawkabani, CEO of OSN Group, added: “We are thrilled to welcome Warner Bros Discovery as a strategic partner. As a global leader in entertainment, Warner Bros Discovery 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.”In November 2023, OSN announced a merger with the Anghami streaming service, where it is now the largest shareholder.
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