Sawiris Family to Sell Stake in Euronews to Portugal's Alpac Capital

Egyptian tycoon Naguib Sawiris plans to sell his majority stake in European broadcaster Euronews, in the face of plummeting advertising revenue. Sawiris's Luxembourg-based holding company, Media Globe Networks, will sell the 88% of Euronews' shares to Portuguese investment firm Alpac Capital for an undisclosed amount.

The remaining 12% will remain with local authorities and public broadcasters like Abu Dhabi Media Investment Company, France Televisions, and Italy's RAI.

Euronews saw losses in 2020 during the COVID-19 pandemic, with sales falling by 23%, or 15 million Euros. The broadcaster hopes to lessen its losses in 2022 with new revenue streams through franchise agreements and partnerships.