Warner Bros. invests in Dubai's OSN streaming service

Warner Bros. Discovery is investing $57 million in OSN Streaming Ltd., a company based in Dubai. This investment gives Warner Bros. a minority stake of about one-third in the streaming service. The deal is expected to happen in stages and will need regulatory approval. OSN provides both local and international TV shows and movies. Warner Bros.’ investment will help produce more content tailored to viewers in the Middle East. Joe Kawkabani, the CEO of OSN Group, emphasized that the deal aims to enhance their overall content offerings. This partnership builds on previous agreements between the two companies. OSN and Warner Bros. started a multi-year licensing deal in 2022 to stream HBO content and obtained exclusive rights to Warner Bros.' film library last year. The Middle East is attracting many entertainment and tech companies due to its growing population and increasing disposable incomes. Local companies like OSN, Starzplay, and MBC Group are competing with big names like Netflix and Amazon for viewers. Additionally, OSN Streaming also holds a majority stake in Anghami, a music service popular in the region. This investment is part of Warner Bros.' strategy to strengthen its presence in the Middle East following its acquisition of Turkey's BluTV in 2023. Jamie Cooke, a senior executive at Warner Bros. Discovery, noted that this investment is intended to unify their operations in the region. While he does not foresee further mergers and acquisitions in the Middle East for now, he remains open to future possibilities.