OSN Streaming Limited has raised its offer to buy out the Anghami shares it does not already own, from $3.39 in cash per ordinary share to $3.75. The revision, dated 11 September 2026, surfaced in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission on 14 September 2026, three days later. The same week, a second filing by Warner Bros. Discovery, the company sitting one rung above OSN in its own ownership chain, put fresh eyes on a contract that has been sitting on the public record since July 2025 and has never been reported here: a call option over the entity that controls Anghami, priced at $225,000,000 if Anghami’s music streaming business is excluded from the valuation, or $302,000,000 if it is not.
No song moved. No master recording, composition or publishing right changed hands in either the repriced proposal or the option contract described in this piece. Anghami owns no music rights in its own name; it licenses catalogue from Universal, Sony, Warner Music Group and regional labels to run its streaming service. What is at stake in both documents is who owns the corporate shell around that licensing relationship, and on what terms control of it might one day pass from a Kuwaiti pay-TV group to an American media conglomerate.
A ten per cent bump, still non-binding#
Anghami first told the market it had received a preliminary, non-binding proposal from OSN on 30 June 2026, at $3.39 a share, and formed a special committee of three independent directors, chaired by Nathan Scott Fine, to weigh it. That process produced a revised letter dated 11 September 2026, filed as an exhibit to OSN’s latest Schedule 13D/A: $3.75 in cash per ordinary share, an increase of 36 cents, roughly 10.6 per cent. The letter repeats language from the original proposal almost word for word. It is still not subject to any financing condition. It still defers the fate of Anghami’s outstanding warrants to a later, definitive agreement. And OSN still states, as it did in June, that it does not intend to sell its own stake in Anghami to a third party. As of the 14 September filing, there is no merger agreement and no Schedule 13E-3 on Anghami’s EDGAR record. This remains a proposal, not a transaction, however many times the price moves.
OSN’s reporting persons hold 7,417,345 Anghami shares and warrants, 71.3 per cent of the company on a fully diluted basis. Anghami’s outstanding ordinary shares stand at 9,066,039, of which OSN holds 6,074,721 directly. Subtract one from the other and 2,991,318 shares sit outside OSN’s control; at $3.75 that is a check for roughly $11.2 million to the remaining minority, though no filing states that total directly. It is this publication’s arithmetic from the numbers OSN itself reported, not a figure OSN has disclosed.
The contract nobody had read closely#
Anghami’s ownership runs five layers deep. Kuwait Projects Company, KIPCO, sits at the top, controlling roughly 95.6 per cent of Panther Media Group Limited, which controls Panther Media Holding Limited, which controls OSN Streaming Holding Limited. That entity holds 80.16 per cent of OSN Streaming Limited, the company making the Anghami buyout offer. The remaining 19.84 per cent of OSN Streaming Limited belongs to Dplay Entertainment Limited, a Warner Bros. Discovery subsidiary.
Dplay’s stake was built under a Share Purchase Agreement dated 23 March 2025, disclosed in a Schedule 13D that Warner Bros. Discovery and Dplay filed on 25 July 2025, two days after the deal’s first tranche closed. That original filing, more than a year old now, is where the real find sits, not in this month’s price revision. It structures Dplay’s purchase in three tranches of 1,900,118 shares each, priced at $19,000,000 a tranche. The first closed 23 July 2025 for 11.28 per cent. A second was expected by 31 March 2026, a third by 31 March 2027. Dplay’s reported stake had already reached 19.84 per cent by a filing dated 26 June 2026, consistent with the second tranche having landed on or ahead of schedule, though no filing reviewed for this piece announces that tranche on its own.
Buried in the same July 2025 filing is an Option Agreement, signed the same day as the first tranche closed. It gives Dplay a call option to buy the whole of OSN Streaming Holding’s stake in OSN Streaming Limited, exercisable from 1 July 2027. The price is the higher of a fair market valuation and a contractual floor, and the filing spells the floor out in one sentence: $225,000,000 if Dplay makes what the contract calls an “Exclusion Election,” ascribing no value to Anghami’s music streaming business, or $302,000,000 if it does not. If Dplay excludes the music business from its own price calculation, OSN Streaming Holding gets to decide whether to carve that business out of the sale altogether, a mechanism the filing names, plainly, the “Music Business Carve-Out.” A separate clause reserves Warner Bros. Discovery’s right to propose splitting off Anghami’s streaming music service on its own terms, independent of whether the option is ever exercised. Reciprocal put options run the other way, structured to hand Dplay a guaranteed 15 per cent internal rate of return if OSN Streaming Holding forces a sale instead.
Two things are worth being precise about. First, this option sits one level above Anghami itself; it is a contract over shares in OSN Streaming Limited, not over Anghami’s own stock, and exercising it would not by itself change who holds Anghami shares. Second, it cannot be exercised for close to another year: the window opens 1 July 2027, and nothing in the 14 September 2026 filings, the most recent available, shows any step toward using it. There is also a live discrepancy nobody has explained: the original 2025 agreement describes the three purchase tranches as building toward “up to 33.83 per cent” of OSN Streaming Limited, but this year’s filings describe the same end point as “up to 29.77 per cent.” Both figures come from Warner Bros. Discovery’s own paperwork, and this publication has not been able to find anything that reconciles them.
What this means for artists#
Nothing changes at the level artists interact with Anghami today: catalogue licenses, royalty flows and distribution agreements run through Anghami’s existing label and publisher deals, and none of that is touched by either document described here.
The longer-term question is who Anghami answers to. A minority buyout at $3.75 a share would take the company fully private under OSN, removing the public disclosure that has made this kind of reporting possible in the first place. A future call option exercise, still years off and unconfirmed, could hand a stake in the entity above Anghami to Warner Bros. Discovery on terms that explicitly contemplate treating its music streaming business as a separable asset, priced apart from the rest of the group. Artists and labels licensing to Anghami are licensing to a platform whose ultimate ownership is, on the documents available today, genuinely unsettled two years out.
The $225 million to $302 million range is also a data point worth banking for anyone valuing MENA-facing streaming assets: it is the only figure on the public record in which two sophisticated counterparties, in a signed contract, put a specific number on what a standalone music streaming business in this region might be worth, separate from everything else Anghami and OSN carry.
What could not be established#
No filing reviewed states an aggregate dollar value for the minority buyout, only the per-share price. No filing reviewed confirms the Second Completion tranche happened on the date or in the amount originally scheduled; the rise in Dplay’s reported stake is consistent with it but does not confirm it directly. No filing explains why the ownership ceiling described for Dplay changed from “up to 33.83 per cent” in 2025 to “up to 29.77 per cent” in 2026. And nothing filed to date shows whether Warner Bros. Discovery intends to exercise its call option, make the Exclusion Election, or seek the Music Business Carve-Out when the option window opens in mid-2027. All of it remains on the record, unresolved, for whoever files next.
