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

320,000 Egyptians Receive COVID-19 Vaccine

Egyptian Streets16 April 2021

Bus and Truck Collision in Egypt’s Assiut Kills 20

Olivia Mustafa14 April 2021

Egypt Impounds Ever Given Ship Over Suez Canal Compensation Dispute

Olivia Mustafa14 April 2021

In Photos: Cairo Citadel’s Iftar Cannon Goes off for First Time in 30 Years

Egyptian Streets13 April 2021

Ahmed Bassam Zaki Sentenced to 8 Years in Prison for Sexual Assault

Olivia Mustafa11 April 2021

45 Million Egyptian Facebook Users Impacted in Data Leak: Reports

Olivia Mustafa11 April 2021

The Egyptian Museum Makes it to UNESCO World Heritage Sites’ Tentative List

Egyptian Streets9 April 2021

Egyptologist Zahi Hawass Announces Discovery of Lost ‘Golden’ City in Luxor

Egyptian Streets8 April 2021