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