Egypt's Sawiris acquires 53 percent of Euronews

Ahram Online , Sunday 1 Mar 2015

The business tycoon is acquiring a 53% stake in Euronews, in return for providing €35m in capital to the business

Egyptian tycoon Naguib Sawiris (Photo: Reuters)

Egypt’s Naguib Sawiris has officially acquires 53 percent of multilingual news channel Euronews for €35 million (~ $40 million), through his Cairo-based company Orascom Telecom Media and Technology (OTMT).

The deal has finally been sealed after 12 months of confidential meetings and negotiations, the Orascom CEO and chairman told privately-owned satellite TV channel CBC in a phone interview on Saturday.

The Egyptian billionaire expressed his enthusiasm with the new deal. He said it was important to have ties with “objective channels” and criticised the bias of world news channels, saying a channel fails when it represent only one view.

In an earlier statement, the Euronews chairman described Sawiris’ arrival as a "tremendous asset", as the European news channel seeks capital for its growth plans.

Euronews is owned by 21 public television channels and three local authorities, with 600 journalists covering worldwide news.

In 2014, Naguib Sawiris was listed as the third most wealthiest Egyptian in Egypt, with his fortune growing to $2.8 billion from $2.5 billion in 2013.

He is the 609th richest person in the world, and the 11th in Africa.

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