LYON, April 20 — NBC News has sold its stake in struggling pan-European broadcaster Euronews, dealing a blow to the France-based pay-TV channel, a company source said today.
NBC, which acquired its 25-per cent holding three years ago, has sold the shares to Euronews’ majority owner, Egyptian telecoms billionaire Naguib Sawiris, the source told AFP.
The deal has increased the stake held by Sawiris’ Media Globe Networks in Euronews to 88 per cent.
The move comes after the parent company of NBC News, Comcast, acquired British group Sky.
According to the Financial Times, Comcast intends to transform the combined NBC Sky World News venture into a pan-European channel that will compete directly with Euronews.
Nevertheless, the Euronews source insisted that Sawiris’ purchase was a “vote of confidence” for the broadcaster by its existing majority shareholder.
Euronews will now focus on its digital content, where it hopes to expand content “beyond straightforward news” and seek partnerships with “external platforms”, the company source said.
According to Euronews, it doubled its digital audience in 2019, a trend that has continued so far this year. — AFP
