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OSN “worth US$2.5 billion” says Arqaam Capital

Middle East pay TV broadcaster OSN is worth US$2.5 billion and is likely to see annual subscriber growth of 17% through to 2017, according to investment bank Arqaam Capital.

According to Arqaam, OSN majority shareholder Kipco recently revealed to analysts that the pay TV broadcaster has 818,000 subscribers, following 22% growth over the first half of this year. According to the presentation, 28% of OSN’s subscribers are in the UAE, with a quarter in Saudi Arabia, a further 15% in Qatar and 10% in Egypt.

Arqaam said that OSN’s recent acquisition of South Asian channel provider Pehla Media and Entertainment gave it a further 120,000 subscribers.

Arqaam said that OSN’s growth would be fuelled by the Saudi market, where pay TV penetration is currently low.