Egyptian Media acquires ON TV
Egyptian Media has acquired ON TV, after signing a 100 percent stock acquisition contract with Naguib Sawiris, who is the third richest person in Egypt according to Forbes.
In a statement Egyptian Media said that the move came from its "appreciation of the powerful role that ON TV has played during critical years in Egyptian history in providing Egyptians with objective media that supported the people and had a powerful fingerprint in the media industry".
Egyptian Media’s CEO, Ahmed Abou Hashima, said that the acquisition of ON TV is only the first step towards a series of future projects that will be announced gradually, and will include expansions in satellite channels, production houses, digital media and broadcasting, and there will be programs specialised for the youth and broadcasted in both Arabic and English.
Read the May 2016 issue of Business Review Middle East magazine