Through its MBC Ventures arm, MBC Group purchased 4,074,533 ordinary shares in Anghami, according to a filing with the US Securities and Exchange Commission.
While financial details remain undisclosed, based on Anghami’s closing price of $1.00 on March 19, the transaction is estimated to be valued at approximately $4.074 million.
Anghami’s stock surged by 59 per cent upon news of MBC Group's investment, reaching $1.59 at market close on Wednesday, marking its highest level since December 13, 2023.
MBC Group, formerly known as the Middle East Broadcasting Centre, is a state-owned media conglomerate in Saudi Arabia. After going public on the Saudi Exchange in January, the company's IPO was oversubscribed by 66x, raising SAR831 million ($221.6 million).
This strategic alliance between MBC Group and Anghami signals a significant milestone for the MENA entertainment industry. Anghami, founded in Lebanon in 2012, boasts a subscriber base exceeding 1.73 million users across the MENA region as of the third quarter of 2023, offering a diverse library of Arabic and international music.
Despite facing competition from global giants like Spotify, Anghami's partnership with MBC Group provides several advantages. Leveraging MBC's well-established distribution network and content creation expertise, Anghami aims to expand its reach, enhance user experience, and explore collaborations on original music programming.
For MBC Group, this investment expands its presence in the media streaming market and offers opportunities to engage with Anghami's younger demographic while potentially promoting its own content libraries.
In a separate announcement, Anghami revealed the renewal and expansion of its partnership with Rotana Music, an Arabic record label, to include live concerts and artist collaborations.
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