Selling ONTV part of an investment strategy shift, Sawiris says; ONTV shakeup continues
Selling ONTV is part of Naguib Sawiris’ shift in investment strategy, according to a statement covered by Al Mal. ONTV was the cause of multiple “headaches” for Sawiris from all sides of the political spectrum, he says. He is, however, looking to expand in the field of advertising and media production through subsidiary Promomedia, which he announced would be increasing its paid-in capital to EGP 500 mn. Ihab Talaat was appointed CEO of Promomedia and Sawiris appointed himself chairman. Selling ONTV should eliminate what some have called a conflict of interest arising from Sawiris’ ownership of both a TV channel and the rights to advertise on rival channels through Promomedia, Sawiris said. He also doesn’t believe it possible to make money through a channel that focuses only on news without relying on ad revenue from variety shows, movies, and series.
Meanwhile, Ahmed Abou Hashima’s Egyptian Media Company, which acquired ONTV, is considering establishing an ONTV Sport channel as part of its expansion plans, Al Borsa reports. These plans include acquiring the rights to four new television shows that it will air during Ramadan. As part of the shakeup at the channel, the board is reportedly considering firing Gaber Al Armooty (Hallelujah…), Yousef El Housseiny, Liliane Daoud, and Khalid Taleema. ONTV will retain Promo Media as its exclusive marketing and advertising agency, with the latter planning to invest EGP 500 mn on new programing for the network.