Egyptian tycoon Naguib Sawiris has agreed a deal to sell his majority stake in Euronews, the pan-European TV news network, to Portuguese investment firm Alpac Capital.
Alpac will acquire the 88 per cent of Euronews’ shares owned by Sawiris’s Luxembourg-based holding Media Globe Networks (MNG) for an undisclosed amount. The deal should be closed by the end of Q1 2022.
The remaining 12 per cent of Euronews’ shares will, for now, remain in the possession a consortium of public broadcasters and local authorities including France Televisions, Italy’s RAI and Abu Dhabi Media Investment Company (ADMIC).
Michael Peters, Chairman of the Board of Euronews, said: “Euronews is at a turning point in its history. The changes that have been implemented and will be implemented in the future are a testament to the success of the company’s transformation strategy over the last few years, thanks to the efforts put in by all, and the support of our main shareholders. Although the Group continues to evolve in a complex economic environment, the results and outlook have never been better. As we look to the future with confidence, the decision by European investor Alpac Capital to buy MGN’s stake in Euronews is a vote of confidence in our strategy and our unique consumer offering in today’s media landscape. It strengthens Euronews’ European DNA and represents an important opportunity for the Group to ensure its continuity and development. I am confident in the future of Euronews and more committed than ever to work to accompany its transformation, alongside our current and future shareholders and all my Euronews colleagues who have always had my respect and admiration. I have huge gratitude and respect for Naguib Sawiris without who we would not be in this strong position today. He has restlessly driven changes and worked tirelessly to support the company, always respecting and supporting our collective vision for Euronews.”
Naguib Sawiris, Exiting Chairman of Euronews’ Supervisory Board and Chairman of MGN, said: “My driving ambition has always been to see Euronews succeed. We invested in the media because we saw its potential and we were proven right. Euronews is unique in its resolutely impartial approach and commitment to offering multiple viewpoints to its audiences in their native language. For me, Euronews is the voice of conscience and rights. This positioning makes the channel powerful in the eyes of the younger generation and all those who value freedom of expression and all the democratic principles we all believe in and hold dear. Today, it is more important than ever that consumers have a choice. I am proud of the milestones accomplished and delighted that the work put in at all levels of the company are being recognized. I particularly wish to thank Michael Peters for his vision and role in the company’s transformation process.”
Pedro Vargas David, CEO of Alpac Capital, said: “I belong to the generation that was born and grew up with Europe, and who considers it an opportunity. If it has brought us peace for decades, it is also a great place for expression and debate. I am deeply convinced that Euronews, because of the quality of its teams and its potential, can be the place where all the voices of Europe are expressed. In the coming months we will have to build a resolutely digital project, so that with this transformation, Euronews can take its rightful place in Europe.”
Euronews is headquartered in Lyon, France. The network began broadcasting in January 1993 and aimed to cover world news from the European perspective.