Warner Bros. Discovery investment in OSN Streaming signals broader industry shift, says CEO
DUBAI: Warner Bros. Discovery this week announced a minority investment in OSN Streaming in a move that 'reinforces its commitment to the region's rapidly growing streaming landscape.'
The deal is reportedly valued at $57 million for a third of OSN Streaming. It will take place in phases and is subject to customary conditions, including regulatory approvals.
Joe Kawkabani, OSN's group CEO, said the deal 'signals a broader shift in the industry' as global players recognize 'that substantial growth in the Middle East and North Africa region requires more than just exporting content.'
He told Arab News: 'It's about investing in local platforms, collaborating with regional talent, and tailoring content specifically to the market. That's precisely 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 its 'prioritization of working with the best creative talent, advancing technologies and forging key partnerships to fuel continued growth.'
It also serves as an opportunity for the company to 'deepen their regional presence through a trusted platform that truly understands the market's nuances,' Kawkabani said.
The two companies have had a long-standing history, with OSN being the exclusive home for HBO content in the region. Just last year, OSN acquired the rights to all first-run Max Originals and the full Warner Bros. Pictures feature film library as part of a multi-year deal.
Jamie Cooke, executive vice president and managing director for Central Europe, Turkey and Middle East, at Warner Bros. Discovery said this was a 'natural step' for the company, as 'OSN has been a great partner and custodian of our content.'
He added: 'We recognize that alongside enjoying the latest global hits, regional audiences also want stories from and about the region that reflect their own cultures and experiences.'
Kawkabani highlighted the importance of the MENA market on the global map.
He said: 'It is no longer a peripheral market — it's becoming central to the future of streaming. Our role is to drive this transformation from within the region, not just import it from the outside.'
Saudi Arabia has emerged as 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 coming decade. Since then, it has implemented several initiatives and investments to bolster these sectors.
Most recently, in January, Saudi Arabia's General Entertainment Authority unveiled 29 investment opportunities aimed at expanding the entertainment landscape while fostering private sector participation and aligning with Vision 2030 objectives.
Saudi Arabia is 'one of the most exciting and dynamic entertainment markets in the world right now' and the deal 'aligns seamlessly with Saudi Arabia's broader vision for its entertainment sector — one that prioritizes creativity, local talent, and global collaboration,' said Kawkabani.
'We view Saudi Arabia not just as a key market but as a creative hub that can lead the region forward,' he added.
Going forward, the deal will see the two companies invest in 'high-quality, locally produced content, ensuring a richer and more diverse offering for viewers,' according to Cooke.
For OSN, Kawkabani said it wasn't just about content licensing or capital, but rather about 'two companies aligning on a vision to sustainably grow 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.'
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