Sawiris take control of Euronews

Media Globe Networks, a company owned by the Sawiris family and managed by Egyptian billionaire Naguib Sawiris, now holds 53% in Euronews after completing  a €35 million capital increase in the business.

The new deal follows several months of exclusive negotiations between Media Globe Networks and Euronews,with the remaining 47% of shares stay with Euronews’ traditional shareholders.

Euronews said that it will be governed by a new structure, validated by all stakeholders and designed to preserve “the general interest of the international news media as well as its editorial independence.”

The structure will comprise three bodies: The Supervisory Board, the Executive Board and a new Editorial Board.

The creation of the Editorial Board will guarantee the independence and diversity of Euronews’ editorial line, according to the firm. The 10 members of the Editorial Board will be journalists or have strong media experience, and seven of these will be directly appointed by the public shareholders of Euronews.

At the same time, the Supervisory Board also renewed the directorship of Euronews CEO Michael Peters for a term of four years.

“The process of capital increase started one year ago. We chose to enter exclusive negotiations with Media Globe Networks, because of its clear commitment and guarantees to respect Euronews diversity and editorial independence. We are delighted to work alongside our new investor to expand our reach and service lines in order to reinforce Euronews’ position as a key-player in the media industry,” said Peters.

Naguib Sawiris, the chairman and CEO of Media Globe Networks said: “I believe that Euronews, with its unique expertise, has a huge potential for future growth and do fully support Michael Peters and his team in their aim of raising Euronews to the next level.”