NBC News has sold its 25 per cent stake to Media Globe Networks (MGN), a vehicle for Egyptian telecoms entrepreneur Naguib Sawiris – already a major stakeholder – according to an internal Euronews memo quoted by The FT.

As a result MGN now holds 88 per cent of Euronews, with the remaining 12 per cent being held by public broadcasters and local authorities.

The move follows NBC parent Comcast’s acquisition of Sky and its plan to set up the NBC Sky World News channel.

Sawiris invested in Euronews in 2015, while NBC News acquired its minority stake in the broadcaster for around $30 million in 2017 the current deals value has not been disclosed but is likely much lower.

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