Egyptian billionaire Sawiris sells off Euronews to Alpac Capital

by   |  VIEW 1224

Egyptian billionaire Sawiris sells off Euronews to Alpac Capital

On Friday, Euronews, the three-decade-old France-based pan-European television network headquartered on Lyon, said in a statement that the Egyptian billionaire businessman Naguib Sawiris, 67, had sold off his majority stake in Euronews to a Portuguese investment firm Alpac Capital.

In point of fact, latest move from the Egyptian billionaire came against the backdrop of a sweeping decline in advertising revenues in Euronews, which was crafted back in the 1990s Gulf War and widely dubbed as a “European CNN,” while a steep lag in a path towards profitability was reportedly adding to further holocaust on the loss-making television network.

Alpac acquires majority stakes in Euronews for an undisclosed sum

On top of that, according to financial terms of the deal, Alpac had taken over an 88 per cent of Euronews’ shares which had been previously held by Sawiris-owned Media Global Networks (MGN), a Luxembourg-based mass media company, Euronews said in a statement late on Friday.

Besides, a consortium of broadcasters and authorities including Italy’s RAI, France Television alongside ADMIC (Abu Dhabi Media Investment Company) held the remaining 12 per cent of Euronews stakes. However, a binding offer of the deal had yet to be disclosed and the figures might change, as Euronews has been on the lookout to raise fresh capitals.

In tandem, followed by the announcement, Euronews’ Chief Executive Michael Peters was quoted saying in a conference call with the reporters that the deal would more likely to be closed by the end of Q1, 2022. Nonetheless, a consortium led by state-owned European channels used to hold a majority stake in Euronews before Sawiris took over the European television network back in the 2015s.

Besides, Comcast-owned NBC News had sold off a 25 per cent stake in Euronews last year to Sawiris. Euronews had reported a 23 per cent plunge in sales to €58 million in a pandemic-battered 2020 compared to the same time a year earlier.