Friday, 23 November , 2018     |     3370      |      +      |     

Kuwait Projects Co. hires Goldman Sachs for sale of OSN

Kuwait Projects Co. hires Goldman Sachs for sale of OSN : Google

Kuwait Projects Co. (KIPCO), the Gulf state’s largest investment company, has hired Goldman Sachs to advise it on the sale of its majority stake in pay-television operator OSN, sources familiar with the matter told Reuters.

OSN, which this year signed its first partnership deal in the region with Netflix, reported income of 12.38 million dinars ($40.7 million) for the period from July 1 to August 8, according to KIPCO’s latest financial results.

KIPCO and Goldman Sachs declined to comment.

KIPCO said in the results, released last week, that the company’s board had approved initiating a plan to divest its 60.5 percent equity interest in Panther Media Group, also known as OSN, and had engaged an international investment banker for the purpose. It did not disclose the name of the banker.

Dubai-based OSN has been facing fierce competition in a changing entertainment landscape that has involved a move away from traditional paid television providers.

With the rights to broadcast into countries across the Middle East and North Africa, OSN has more than 180 channels, according to its website. Its other shareholder is Mawarid Group.

OSN faces subdued demand in its core markets due to piracy, geopolitical factors and fiscal reforms by governments which have led to sizeable expatriate populations leaving some of its core markets, said Anuj Rohtagi, director of group financial control at KIPCO in KIPCO’s third-quarter earnings conference call on Nov. 15.

He added OSN was taking action to cut costs and attract new customers.

It is not the first time KIPCO has explored offloading at least some of its stake in OSN. In 2014, it said it planned to start the process for an initial public offering of OSN shares.

Kuwait Today Business Subscription

Category: #Business | 2018/11/23 latest update at 1:20 AM
Source : Arab News | Photocredit : Google
Comments Add comment

Latest Comments

  LinkedIn Gulf Media

Sponsored Publications

Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.

Latest searches in Kuwait Today