E-Vision, the UAE’s biggest telecoms operator e&’s entertainment arm, and Abu Dhabi holding company ADQ have completed a deal to acquire a majority stake in video streaming service Starzplay Arabia.
The e&-led consortium has finalised the acquisition of a 57 per cent stake in the Middle East and North Africa's fastest-growing video streaming service, e& said in a filing to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
“This acquisition is in line with e&’s strategy to scale up the entertainment segment of e& life consumer digital vertical by accelerating E-Vision’s development on the video streaming segment,” it said.
“It also significantly enhances Starzplay Arabia's positioning across the entire Mena region.”
The acquisition completion follows an initial announcement of the deal in March. Other shareholders of Starzplay Arabia include Starz, SEQ Investors and E-Vision. Starz and its parent company Lionsgate will maintain commercial agreements for content licensing to the venture.
Netflix, the MBC Group's Shahid VIP and UAE-based Starzplay Arabia control two thirds of Mena's over-the-top services (OTT) market in terms of subscriptions, a May report by tech research firm Omdia said.
Shahid VIP and Netflix have a market share of about 22 per cent each, while Starzplay controls 20 per cent of the market, the report showed.
The Abu Dhabi consortium, of which E-Vision owns 66.7 per cent, acquired the controlling stake in Starzplay Arabia.
E-Vision is committed to pay up to $130 million in cash and in-kind, including a component linked to an earn-out, e& said in the bourse filing.
Starzplay Arabia will be consolidated into E-Vision’s financials starting this month, according to the statement.
The deal, which values the platform at $420 million, will inject a cash investment into the business for new content acquisition and producing more original content from the region, Maaz Sheikh, co-founder and chief executive of Starzplay, told The National in August.
“It’s a transformative event for the company and almost like a dream come true for employees and management,” he said at the time.
Starzplay is using the investment to add new content, such as Italy's Serie A, getting rights for AFC (Asian Football Confederation) games, adding UFC to the platform and showing Asia Cup cricket matches live. It will also focus on original shows from the Middle East.
The video streaming service expects annual revenue for 2022 to jump 40 per cent from the previous year, driven by popular content across its anime and sports genres, according to Mr Sheikh.
The platform's revenue in the first six months of 2022 rose 40 per cent year-on-year as the number of subscribers increased by 20 per cent to 2.1 million during the period.
Starzplay aims to reach profitability by the second quarter of 2024, Mr Sheikh said.
The investment in Starzplay Arabia provides ADQ access to a significant subscription video on demand and OTT service providers in the region, Jaap Kalkman, group chief investment officer at ADQ, said in March.
Collaborating with Starzplay Arabia will allow e& to customise content options for its customers and the 5G’s fast download speeds will allow viewers to have immersive experiences using virtual reality and augmented reality, Khalifa Al Shamsi, chief executive of e& life and chairman of E-Vision, said in March.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
More on Quran memorisation:
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
UAE currency: the story behind the money in your pockets
Match info
Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')
Man of the Match: Sead Kolasinac (Arsenal)
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
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Torque: 730Nm
Price: Dh649,000
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
