Warner Bros Discovery buys 30% stake in OSN Streaming

Warner Bros Discovery (WBD) has bought a stake in a subsidiary of Dubai-based satellite TV company Orbit Showtime Network Group, in an attempt to tap into the rapidly expanding Middle Eastern streaming market.

The US-based media and entertainment conglomerate will acquire a 30 percent stake in OSN Streaming for KD17.5 million ($57 million), Kuwait Projects Company (Kipco) said in a disclosure to Boursa Kuwait on Monday.

Kipco, along with the Mawarid Group, owns OSN.

“Through this minority stake, WBD reinforces its commitment to the region’s rapidly growing streaming landscape. The transaction will be completed in stages and is subject to customary conditions, including regulatory approvals,” Kipco said in a separate statement.

OSN serves the Middle East and North Africa region, broadcasting programming from major TV networks such as Paramount Global, Warner Bros Discovery and the BBC, along with regional content in Arabic, Turkish and Pinoy.

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OSN was created through the merger of Orbit and Showtime Arabia, the two largest subscription TV networks in the region. This resulted in a new holding company, Panther Media Group, which is based in the Dubai International Financial Centre.

Streaming services have experienced a surge in popularity among the tech-savvy population in the Middle East, making it a lucrative market for entertainment companies. 

The Mena streaming market is forecast to grow at a compound annual growth of 10.8 percent between 2023 and 2029, with subscriptions expected to reach 26 million from 14 million in 2023, according to Research and Markets.