According to a report from Bloomberg, Anghami is considering selling the company to a pay television network in Dubai called Orbit Showtime Network (OSN).
Inside sources have told Bloomberg that the Middle East music streaming service — whose name means “my tunes” in Arabic — is currently weighing various business options, with a sale prominent among these.
The same sources have indicated that if a sale does go through, that the company could be valued as high as $400 million. Though this price is said to be conditional on a number unspecified factors.
The report further says that another option that the company is considering is attaining the services JPMorgan Chase & Co. to act as an investment bank on their behalf. Their responsibility would be to raise capital for the company so that they could expand their operations.
So far, none the parties mention in the report — Anghami, OSN or JPMorgan Chase — have issued ficial comments on the matter.
A few years ago, Anghami, which was founded in 2013 and is based in Beirut, 30 million users. But while it is still one the most popular streaming services in the area, it has recently faced increased competition from the likes both Spotify and Deezer.
Deezer is also flush with cash after having raised $267 million from a Saudi prince a couple years back.
If OSN does buy Anghami, it will not be the first deal that they would have made with them. The two companies signed an agreement in 2019 that allowed Anghami to stream the last season Game Thrones through OSN’s video streaming service Wavo.
In addition to Beirut, Anghami has fices in Dubai and in other cities throughout the Middle East. The following entities are known shareholders the company:
- Middle East Venture Partners
- Samena Capital
- Emirates Integrated Telecommunications Co.
- MBC Group
- Etihad Etisalat Co.