Egyptian billionaire Naguib Sawiris is planning to divest his majority stake in broadcaster Euronews to Portuguese investment firm Alpac Capital, the European international news media company said.
Venture capital fund Alpac Capital made a binding offer to acquire 88 per cent of the Euronews' shares that are owned by Mr Sawiris' holding company Media Global Networks (MNG), Euronews said in a statement on Friday. It did not disclose the sale value.
"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," Mr Sawiris, exiting chairman of Euronews’ supervisory board and chairman of MGN, said. "I am proud of the milestones accomplished and delighted that the work put in at all levels of the company are being recognised."
The move comes after Mr Sawiris told The National last month about his plans to exit the loss-making business. In 2015, the billionaire acquired a 53 per cent stake in Lyon-based Euronews through MGN and boosted his shareholding in 2017 to 60 per cent and further in 2020. He described the news channel then as "the most neutral news channel in Europe or in the western world".
The news channel provides multilingual news to more than 440 million homes in 160 countries. It has 12 cross-platform language editions, including 9 TV editions.
The deal is expected to be finalised in the first quarter of 2022, depending on the successful completion of final condition precedents and approvals, Euronews said.
Michael Peters, chief executive of Euronews since 2011, will become chairman of the board.
"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," Mr Peters said. "I am confident in the future of Euronews."
The remaining 12 per cent of Euronews shares will continue to be held by other shareholders including International Media Investments, according to its website.
"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," Pedro Vargas David, chief executive of Alpac Capital, said.
"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.”
After posting a loss last year, Euronews group's operating profit improved in 2021 by almost 20 per cent compared with budget, the company said in a statement. Revenue diversification activity grew more than 400 per cent, which contributed to the growth, in addition to a 43 per cent increase in advertising revenues overall and a 67 per cent rise in digital advertising.
Advertising sales of Euronews fell 40 per cent in 2020 in the wake of the Covid-19 pandemic and it recorded losses of €16 million ($18m) over that year, Reuters reported, citing a media call with Mr Peters. The Lyon-based company forecasts losses of €13-€14m this year, with total revenue of €62m.
Annual losses are expected to narrow to €8m in 2022, due to new revenue streams from franchising agreements and partnerships, Mr Peters said on the call with reporters.
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
MATCH INFO
Uefa Champioons League semi-final, first leg:
Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')
Roma 2
Dzeko (81'), Perotti (85' pen)
Second leg: May 2, Stadio Olimpico, Rome
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
England v West Indies
England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane
Fixtures
1st Test Aug 17-21, Edgbaston
2nd Test Aug 25-29, Headingley
3rd Test Sep 7-11, Lord's
