Warner Bros. invests $57 million in OSN+ for minority stake

Warner Bros. Discovery has just acquired a ~30% stake in OSN+, the streaming arm of Dubai-based OSN Group, for $57 million. While the deal is still subject to regulatory approval, it marks the deepening of a relationship that’s been quietly building:

• In 2022, OSN inked a multi-year deal to stream HBO content exclusively across the region.

• In 2023, OSN secured exclusive access to Warner Bros.’ full film catalogue.

And now, in 2025, Warner Bros. isn’t just licensing content—they're becoming part-owners of the platform.

🧠 What does this actually mean?

It means Warner Bros. Discovery is placing a serious bet on the future of streaming in the Middle East—and not through expansion, but through partnership.

OSN+ isn’t a new player. It’s a legacy satellite operator turned streaming contender, owned by Panther Media Group, with backing from Kuwait’s KIPCO and Saudi Arabia’s Mawarid Group. And it’s one of over 50+ streamers active in MENA—competing with Netflix, Amazon Prime, Starzplay, and regional players like Shahid and 1001.

But what OSN+ offers, and what Warner Bros. is now doubling down on, is deep local expertise, a robust Arabic + Turkish content library, and a willingness to co-invest in regional storytelling.

That’s a key part of this deal. As OSN Group CEO Joe Kawkabani put it:

“This isn’t just about access to Warner content—it’s about co-producing local stories, expanding the regional content library, and investing in Arabic-language originals.”

We’re also seeing a pattern emerge:

In April 2024, OSN invested $55M into Anghami, taking a majority stake in the Lebanese-born music streaming app.

Now, it’s partnering with a Hollywood studio.

So OSN is no longer just a content distributor. It’s positioning itself as a regional media holding company, building a cross-format ecosystem across video, music, and original production.

📈 Zooming out: Why now?

The MENA streaming market is growing fast—forecasted to reach 26 million subscriptions by 2029, up from 14 million last year. That’s an 11% CAGR, with strong tailwinds from youth demographics, smartphone penetration, and a post-Ramadan content surge.

But it’s also highly fragmented. Over 50 streaming platforms are jostling for space, from global players like Netflix and Prime Video, to local champions like Starzplay, Shahid, and now, OSN+.

Starzplay itself got a $420 million acquisition boost from e& and ADQ in 2022, and other international firms are eyeing similar local collaborations.

So while the region still lacks a single “super app” for media, we’re seeing early signs of consolidation, regional M&A, and deeper global-local integrations—with Warner Bros Discovery now leading that charge.