- Middle East 'No Longer a Peripheral Market' – Joe Kawkabani
DUBAI: Warner Bros. Discovery this week announced a minority investment in OSN Streaming, “strengthening its commitment to the region’s fast-growing streaming industry.”
The deal is reportedly valued at $57 million for one-third of OSN Streaming. It will be completed in stages and is subject to customary conditions, including regulatory approval.
Joe Kawkabani, CEO of OSN Group, said the deal “signals a wider change in the industry” as global players realise “that significant growth in the MENA region requires more than just content exports.”
He told Arab News: “It’s about investing in local platforms, collaborating with regional talent and tailoring content specifically to the market. That’s exactly what we’re doing here and I believe it sets a new standard for successful partnerships in the region.”
Warner Bros. Discovery opened its first office in the region in Dubai in 2012. The investment reflects “a priority to engage the best creative talent, advance technology and build key partnerships to ensure continued growth.”
It also gives the company the opportunity to “deepen our regional presence with a robust platform that truly understands the nuances of the market,” Kavkabani said.
The two companies have a long history, with OSN serving as the exclusive home for HBO content in the region. Just last year, OSN acquired rights to all of Warner Bros. Pictures’ Max Originals premieres and the entire feature film library in a multi-year deal.
Jamie Cook, executive vice president and managing director of Central Europe, Turkey and the Middle East at Warner Bros. Discovery, said it was a “natural move” for the company as “OSN has been a great partner and custodian of our content.”
He added: “We understand that in addition to enjoying the latest global hits, regional audiences also want to hear stories from and about the region that reflect their own culture and experiences.”
Kawkabani stressed the importance of the MENA market on the global map.
He said: “This is no longer a peripheral market – it is becoming central to the future of streaming. Our role is to drive this transformation from within the region, not just import it from outside.”
Saudi Arabia has become a key player in the region’s media and entertainment industry. In 2018, the Kingdom announced it would invest $64 billion in its entertainment sector over the next decade. Since then, it has implemented several initiatives and investments to support these sectors.
Most recently, in January, the Saudi Arabian General Entertainment Authority unveiled 29 investment opportunities aimed at expanding the entertainment sector while encouraging private sector participation and aligning them with Vision 2030 goals.
Saudi Arabia is “one of the most exciting and dynamic entertainment markets in the world at the moment,” and this deal “is entirely in line with Saudi Arabia’s broader vision for its entertainment sector, which prioritizes creativity, local talent and global collaboration,” Kawkabani said.
“We see Saudi Arabia not only as a key market, but also as a creative hub that can lead the region forward,” he added.
Cook said the deal would further enable both companies to invest in “high-quality, locally produced content, providing a richer and more diverse offering for viewers.”
For OSN, it's not just about licensing content or capital, Kavkabani says, but “bringing the two companies together around a vision of sustainable development of the regional streaming market in a way that resonates locally.”
He added: “We're not here to follow trends; we're here to shape them.”
