Warner Bros Discovery takes $57m minority stake in Dubai-based OSN Streaming

US media giant Warner Bros Discovery (WBD) is pushing further into the Middle East streaming boom by taking a minority stake in Dubai-based OSN Streaming.

Jamie Cooke

Joe Kawkabani, CEO of parent OSN Group, said in interview with Bloomberg over the weekend that WBD will pay around US$57m for a third of the streaming business.

The deal, subject to regulatory approval, will be done in stages and will see both firms investing in local original content to build a subscriber base.

OSN has held the licensing rights to WBD-owned HBO content in the region since 2022 and secured rights to the company’s film catalogue last year.

The deal follows a similar WBD move into local streaming services in the region having fully acquired Turkey’s BluTV in 2023 following an initial 35% investment in 2021.

Jamie Cooke, exec VP and MD, Central Europe, Turkey and Middle East at WBD, said: “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 a natural step for WBD. We recognise that alongside enjoying the latest global hits, regional audiences also want stories from and about the region that reflect their own cultures and experiences.

“Through this deal, we’re delighted to announce that both OSN and WBD will invest in high-quality, locally produced content, ensuring a richer and more diverse offering for viewers.”