Posted on Jul 5, 2022, 9:44 PM
It’s official, the European news channel, euronews, has its buyers. Euronews announced on July 5 that this is the Portugal-based Alpac Capital investment fund that is buying 88% of the shares of Egyptian businessman Nagis Sawiris.
It’s no surprise. The investment fund announced its intention to buy Euronews last December. This equity investment was subject to the Percy Agreement. The Ministry of Economy gave the green light on May 20, a spokesperson for the Lyon-based news channel told AFP.
Refund amount unknown
The transaction amount has not been sent. Alpac manages a fund of approximately €500 million and typically invests in companies in the energy, financial and industrial sectors. The acquisition of Euronews marks the beginning of an investment in the media sector.
“Europe has experienced a period of instability over the past decade, ranging from financial crises to health and now the military crisis,” Alpac CEO Pedro Vargas David said in a statement. For the EU to be more efficient and stronger than ever, he continues, it must be “always more democratic and responsible: none of this is possible without a strong and free press.”
difficult context for euronews
For Euronews, this acquisition comes after some financial difficulties exacerbated by the coronavirus pandemic that has deprived the media of advertising revenue. In 2020, losses approached 18 million euros, or half of the trading volume generated, putting the company on the brink of bankruptcy.
Recently, the war in Ukraine also rocked the company. Euronews served 30 million Russian homes before the Russian regulator blocked access to the French channel as well as all international media.
with AFP
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