NBC News has sold its entire 25% stake in Euronews for an undisclosed fee.
Quoting an internal memo written by Euronews chief executive Michael Peters, Financial Times adds that the buyer is Media Globe Networks (MGN), owned by the Egyptian telecoms billionaire Naguib Sawiris, and as a result of the transaction MGN now holds 88% of Euronews, with the remaining 12% being held by public broadcasters and local authorities.
The move was expected following Comcast’s acquisition of Sky and its plan to set up the NBC Sky World News channel in London.
This will compete directly with Euronews.
Sawiris invested in Euronews in 2015, while NBC News acquired its minority stake in the broadcaster for around $30 million in 2017.