News

Egypt’s Second Richest Man Plans To Buy Euronews Majority Shares

Egypt’s Second Richest Man Plans To Buy Euronews Majority Shares

Egypt’s second richest man, and member of the richest family in Egypt, Naguib Sawiris has announced his intentions to acquire 53 percent of Euronews media for a total of $US40 million.

Sawiris, who has a net worth of $3.1 billion, plans to join 23 public broadcasters which are its current shareholders.

Despite his intention to obtain a majority share, Sawiris promised to maintain the company’s editorial independence.

“I will be committed to carefully respecting the editorial independence and the mission of general interest of Euronews,” announced the 60-year-old business man and current CEO of Orascom Telecom Media and Technology.

Sawiris also announced plans to revamp Euronews, saying that it is time to prepare it for the ‘next generation’.

“The only age group watching TV is from 40 upwards.If we don’t prepare Euronews for the next generation by putting more emphasis on the digital world and social media, the very existence of this channel in 20 or 30 years might be jeopardised,” added Sawiris.

Euronews was established in 1992 following the Gulf War with the aim of creating a news network that provided information from a European perspective. Broadcast for the first time on 1 January 1993 from Lyon, the channel was founded by a group of nine European public broadcasters and Egypt’s ERTU (Egyptian Radio and Television Union).

Egypt's New Capital City To Be Revealed 'Soon'
Three Arrested For Brutal Killing Of Dog In Egypt

Subscribe to our newsletter


News

More in News

azzasoliman

Egyptian Women’s Rights Activist Azza Soliman Released on Bail after Arrest

Egyptian StreetsDecember 8, 2016
Credit: Martin Roemers/Anastasia Photo

Professors and Doctors Among 45 Arrested in Egypt Organ Trafficking Ring

Egyptian StreetsDecember 6, 2016
05black

Egypt’s Foreign Reserves Rise to $US 23 Billion

Egyptian StreetsDecember 6, 2016
1200x-1-1024x697-1

Naguib Sawiris Steps Down as CEO of Orascom in Surprise Resignation

Egyptian StreetsDecember 6, 2016
One of the leaked images allegedly from a Heinz Egypt factory.

Senior Heinz Egypt Employee Arrested After 62 Tonnes of Rotten Tomatoes Found

Egyptian StreetsDecember 6, 2016
sticlute-de-parfum-2

Import Tariffs on 320 Goods Increased by up to 60 Percent in Egypt

Aswat MasriyaDecember 5, 2016
One of the leaked images allegedly from a Heinz Egypt factory.

‘Disgusting Video’ of Ketchup Production Called Misleading by Heinz Egypt

Egyptian StreetsDecember 4, 2016
squashwomen

Egypt’s Women Make Squash History Taking Top Three Spots in World Ranking

Egyptian StreetsDecember 4, 2016
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.