Anghami, the Nasdaq-listed music and video streaming company that operates across the Middle East and North Africa, has received a preliminary proposal to be taken private by the shareholder that already controls it.
The offer, disclosed by Anghami on Tuesday (June 30), comes from OSN Streaming Limited, which is proposing to buy each ordinary share it does not already own for USD $3.39 in cash.
OSN Streaming is not a new bidder circling a public company – it is Anghami’s controlling shareholder, and it made clear in its letter to the board that it has no intention of stepping aside.
In the proposal, dated June 24 and signed by OSN Streaming Chairman Meshal Ali, who also chairs Anghami, the company told directors: “In considering the proposed Acquisition, you should be aware that we are interested only in acquiring the outstanding Ordinary Shares that we do not already own, and that we do not intend to sell our stake in the Company to any third party.”
That single sentence reframes the entire transaction, effectively telling minority investors that no rival bid is coming.
“We are interested only in acquiring the outstanding Ordinary Shares that we do not already own, and that we do not intend to sell our stake in the Company to any third party.”
OSN Streaming’s letter to Anghami BOARD
OSN and its affiliates – a group that runs up through Kuwait’s KIPCO – already beneficially own 71.3% of Anghami, according to a Schedule 13D filing.
Warner Bros. Discovery, whose Dplay Entertainment Limited holds a minority stake in OSN Streaming, reported the same 71.3% by attribution in its own parallel 13D filing.
OSN’s registered holding equals roughly 67% of Anghami’s outstanding shares, rising above 71% once warrants are counted, which leaves only about 2.99 million shares – around a third of the company – in the hands of everyone else.
At $3.39 apiece, buying out that remaining float would cost a little over $10 million (an MBW calculation based on the share count in Anghami’s most recent filings).
The letter frames $3.39 as “a compelling opportunity to the Company’s shareholders to receive certain and immediate cash value at an attractive price.”
Yet by OSN’s own account, the price is not a premium to where the stock has recently traded.
OSN said the figure represents the three-month volume-weighted average price of the shares to June 5, and dismissed the current market price as “an unreliable measure of fundamental value given the consistently low trading volumes.”
Anghami stock traded at around $5.90 on June 18, then fell below the $3.39 offer price as the proposal surfaced in filings later in the month, closing at about $3.24 on June 30.
Anghami was founded in 2012 in Lebanon by Eddy Maroun and Elie Habib, and bills itself as the first music-streaming service in the Middle East and North Africa.
It listed on Nasdaq in February 2022 through a SPAC merger with Vistas Media Acquisition Company that valued it at $220 million, making it the first Arab technology firm to go public in New York.
The stock spiked to nearly $18 on its first day, then declined steadily, and by late 2023, Anghami had been warned by Nasdaq that its sub-$1 share price put its listing at risk.
To stay listed, the company carried out a 1-for-10 reverse stock split in August 2025.
OSN Group took control in April 2024, acquiring a 55.45% stake at $3.69 per share – before the split, so not comparable to today’s $3.39 – and folding its OSN+ video service into Anghami.
OSN then committed up to $55 million more in December 2024, underlining how dependent the loss-making streamer had become on its parent.
Warner Bros. Discovery closed a $57 million minority investment in OSN Streaming in March 2025, tied to exclusive distribution of HBO and Max Originals across the region.
WBD holds 19.84% of OSN Streaming through Dplay, a stake that can rise to as much as 29.77%, according to a Schedule 13D filing. The same filing names WBD among the OSN shareholders whose financing would fund the buyout, though it says that financing has yet to be negotiated.
Elie Habib, Anghami’s CEO, said in the company’s most recent annual results that WBD’s investment “reflects confidence in our model, our market position, and the long-term value of premium regional streaming,” adding: “Our HBO content commitments remain contractual and unchanged.”
The financials help explain the appeal to a controlling shareholder buying at the bottom.
Anghami reported revenue of $99.3 million for 2025, up 27% YoY, with more than 3.5 million paying subscribers and over 130 million registered users.
But it remains unprofitable, posting a net loss of $37.1 million in the first half of 2025 on revenue of $48.4 million.
This is where the public-versus-private picture gets more complicated.
Large listed DSPs are not, on the whole, suffering the public-market valuation depression that has hit music-rights companies.
Spotify hit record highs in 2025 after posting its first full year of operating profit, and although its shares have since fallen more than 40% over the past year, it is still worth around $98 billion.
The picture is not uniform. Tencent Music has fallen toward its 52-week low amid intensifying competition at home, though at around $14 billion, it trades nowhere near the distressed, sub-scale territory Anghami occupies.
Anghami’s decline is company-specific: a small, loss-making streamer whose shares fell from nearly $18 to below $1 before the reverse split, rather than a broader signal about streaming as a public business.
Investors elsewhere have been paying or offering premiums to take music companies private on the thesis that public markets undervalue them, for example, Believe (which delisted from Euronext Paris in 2025), and Reservoir Media (received a February takeover approach from activist Irenic Capital).
Anghami is the exception: its controlling owner is buying at a discount, calling the thinly traded price unreliable rather than too low.
Anghami’s board has appointed independent directors and formed a special committee to review the proposal.
The deal, if it proceeds, would be structured as a statutory merger under Cayman Islands law and would require the support of two-thirds of shares voted at a shareholder meeting.
The company stressed that no shareholder action is required for now, and that there is no certainty a binding agreement will be reached.Music Business Worldwide
