(Bloomberg) — Middle Eastern music streaming service Anghami is assessing its options for the business, including a potential sale to Dubai-based pay-TV network Orbit Showtime Network, according to people familiar with the matter.
Anghami, Arabic for “my tunes,” could be valued at as much as $400 million if a deal goes ahead and several conditions are met, the people said, asking not to be identified as the discussions are private.
The company is also considering hiring investment bank JPMorgan Chase & Co. to raise fresh capital as another option to fund its expansion, they said. Anghami, OSN, and JPMorgan declined to comment.
Beirut-based startup Anghami has grown to become one of the region’s most popular streaming platforms. The Middle East is increasingly becoming a battleground for the world’s biggest streaming services with Anghami now facing competition from Spotify and Deezer SA.
Deezer attracted a 1 billion riyals ($267 million) investment from Saudi billionaire Prince Alwaleed Bin Talal in 2018.
Anghami signed a deal last year with OSN’s streaming service Wavo, which included the rights to stream the final season of hit TV series “Game of Thrones.”
Founded in 2013, the company has offices in Beirut, Dubai and three other Middle Eastern cities. Its shareholders include Middle East Venture Partners, Samena Capital, Emirates Integrated Telecommunications Co., MBC Group and Etihad Etisalat Co.