E-Vision from e&, previously known as Etisalat, and ADQ, an Abu Dhabi-based conglomerate, on Thursday announced the signing of a binding agreement to acquire a majority stake in streaming platform Starzplay Arabia.
The e&-led consortium will acquire a stake of about 57 percent based on a post-money valuation of $420 million, while also investing E-Vision’s existing stake and secondary investments to join existing shareholders, a statement said.
It added that Starzplay and its parent company Lionsgate will maintain commercial agreements for content licensing to the venture. The transaction remains subject to regulatory approvals and certain administrative procedures.
Khalifa Al Shamsi, CEO, e& life and chairman of E-Vision, said: “Starzplay Arabia is a leading video streaming platform in MENA. This acquisition is a major milestone for E-Vision and will be a catalyst for the newly formed e& life consumer digital vertical.
“This investment further strengthens our service offering and significantly enhances Starzplay Arabia’s positioning across the entire MENA region. Streaming platforms have drastically changed the way we consume media and have become commonplace in households around the world.
“Consumer expectations have also grown in line with this expansion as the demand for high-quality content and seamless streaming continues to rise.”
He added: “With 5G’s super-fast download speeds and low latency, we have the perfect opportunity to drive the streaming experience to new heights.”
Jeffrey Hirsch, president and CEO of STARZ, said: “We’re pleased to continue our productive partnership with E-Vision while adding ADQ to the venture, partners whose local market expertise will help us continue to accelerate the growth of the business together and create enormous value.”
Maaz Sheikh, CEO & co-founder of Starzplay Arabia, added: “The investment by E-Vision and ADQ will enable us to grow further by focusing on original content production and advanced customer personalisation.”
Starzplay Arabia has close to two million subscribers across 19 countries. It streams Hollywood movies, TV shows, documentaries, the same-time-as-the-US series – plus live sports, dedicated kids’ entertainment and Arabic content.
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