This partnership will enable Anghami to access MBC's extensive distribution network and potential collaborations for original content.
MBC Group, a prominent media conglomerate, has made a significant move in the music streaming industry by acquiring a 13.7% stake in Abu Dhabi-based platform Anghami.
According to filings with the US Securities and Exchange Commission, MBC Ventures acquired a total of 4,074,533 ordinary shares in Anghami. Although the exact financial details of the investment remain undisclosed, estimates suggest MBC’s stake in the music streaming platform amounts to approximately USD 7m, based on Anghami’s share price at the time of the transaction.
The strategic investment aims to bolster Anghami’s offerings and facilitate its expansion efforts, aiming to reach a wider audience and grow its user base. Notably, Anghami’s shares have experienced significant growth, more than doubling since news of the acquisition surfaced.
This development follows last year’s merger announcement, where UAE-based online streaming platform OSN+ joined forces with Anghami Inc. in a deal valued at $50m.
MBC Group has recently made its market debut after raising SAR 831m ($222m) in an initial public offering (IPO).