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Egypt’s tycoon buys ONTV channel from Naguib Sawiris

The company did not announce the value of the deal.
18.05.16 | Source: Star Africa

An Egypt based Media Company owned by businessman Ahmed Abu Hashima said it had bought the company that owns ONTV satellite private channel, which belonged to renowned tycoon Naguib Sawiris, reports said on Monday.Egyptians’ Media company, owned by Abu Hashima, said in a statement that the company has signed an acquisition contract with Sawiris and that it now owns 100 per cent of the shares of the company that owns ONTV.

The statement said the move comes “in the context of the company’s strategy to pump large investments in the Egyptian media sector to restore Egypt’s leadership.”

The statement quoted Abu Hashima as saying that the channel’s acquisition “comes in recognition of the role played by the Egyptian media.”

The company said that the deal is the “first step” among many media-related projects that will be announced successively.