Warner Bros. Discovery will take a minority stake in Dubai-based OSN Streaming Limited as part of a push to grow its footprint in the Middle Eastern entertainment market.
The deal, which will be completed in stages and is subject to regulatory approval, will see WBD pay $57 million for a 30% stake.
“It’s our goal to tell the greatest stories, whilst innovating our products and distribution channels. OSN has been a great partner and custodian of our content, making this union partnership a natural step for WBD,” Jamie Cooke, WBD’s executive vice president and managing director of Central Europe, Turkey and the Middle East, said in a statement.
Cooke added that both WBD and OSN will invest in ” high-quality, locally produced content, ensuring a richer and more diverse offering for viewers.”
OSN Group, which owns a majority stake in Arab music streaming service Anghami Inc., struck an exclusive deal with HBO back in 2022.
WBD’s latest investment in the region follows its acquisition of Turkish streaming service BluTV in 2023.
“This investment is a significant milestone in OSN’s growth journey, reinforcing our dedication to delivering unique and compelling content. It also bolsters our commitment to expanding our investment in local content, broadening its reach beyond MENA to global audiences,” OSN Group CEO Joe Kawkabani added.
“At the same time, WBD’s strategic investment reflects the company’s prioritization of working with the best creative talent, advancing technologies, and forging key partnerships to fuel continued growth, with global streaming subscribers across Max and Discovery+ now standing at nearly 117 million. It also underscores its sustained expansion in the MENA region, reinforcing its presence in one of the world’s most dynamic entertainment markets.”
The deal comes as WBD has said it has a“clear path” to reach 150 million global subscribers by the end of 2026 and that it anticipates the streaming segment will deliver a profit of approximately $1.3 billion in 2025.
WBD ended 2024 with a total of 116.9 million DTC subscribers globally, including 7.1 million domestic subscribers and 59.8 million international subscribers.
Max is available in over 70 countries. WBD recently struck a nonexclusive agreement to launch on Sky in the U.K. and Ireland, which will bring the streamer to approximately 10 million Sky subscribers by the second quarter of 2026. It also will launch in Germany and Italy in the first quarter of 2026.
In addition to Max’s international expansion, WBD said it would focus on strategic distribution partnerships and driving higher penetration in existing markets with its ad-supported tier.
The transaction advisors included Kamco Investment Company K.S.C and the Abu Dhabi office of Skadden, Arps, Slate, Meagher & Flom LLP for OSN Group, and A&O Shearman for WBD.
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