In an attempt to get a piece of the rapidly expanding Middle Eastern entertainment market, Warner Bros. Discovery is acquiring a minority stake in OSN Streaming Ltd., a company based in Dubai.
In an interview, Joe Kawkabani, CEO of parent company OSN Group, stated that Warner Bros. will spend $57 million to acquire roughly one-third of OSN Streaming.
According to a joint statement, the deal will be completed gradually and is still pending regulatory approval. OSN provides global and local TV series and films, and the unit Warner Bros. is investing in offers streaming services.
According to Kawkabani, the agreement will see both companies invest in locally created content in an effort to attract viewers in the region and look into potential synergies.
“Whether it’s a production of content, or expanding our content library, or creating better content, this is really the angle of the deal,” Kawkabani said.
The investment solidifies a number of alliances between the two companies. In 2022, OSN signed a multi-year licensing deal with HBO, a pay TV network owned by Warner Bros., to exclusively broadcast and stream HBO content. Last year, it also acquired the exclusive rights to Warner Bros.’ film library.
“I think now we can look into ways where we can expand that offering,” Kawkabani said, adding that the new partnership would probably facilitate all of these discussions, but they would be done on separate commercial terms.
