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Saturday, 23 September 2017

Subsidiary of Falcon security company buys Al-Hayat TV network

Ahram Online , Wednesday 13 Sep 2017
Al-Hayat TV
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Tawasol for Public Relations, a subsidiary of the private Egyptian security company Falcon, has acquired Al-Hayat TV network, the company said.

Al-Hayat was owned by prominent Egyptian businessman and politician El-Sayed El-Badawy, who is also the chairman of the liberal Wafd Party.

Falcon Group provides security services for government authorities, diplomatic missions as well as UN offices in Egypt.

In July, Al-Hayat was temporarily taken off the air by the Egyptian Media Production City (EMPC), which is in charge of regulating private media companies in Egypt.

EMPC said the move was due to the network's failure to pay off debts amounting to over EGP 21 million.

Al-Hayat criticised the decision at the time, saying that EMPC owed the network a similar amount in debt over money paid by the broadcaster to acquire land from EMPC, which Al-Hayat could not eventually get due to issues regarding entitlement to the sale.

Al-Hayat was back on the air after almost three weeks of suspension.

A joint statement by Tawasol and El-Badawy's Sigma Group said on Tuesday that the new owner will take over the broadcaster's studios next week, with a restructuring of Al-Hayat network to take place.

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