Back to the complete issue
Thursday, 2 June 2016

Media shakeup continues: Magdy Gallad joins Sawiris, Abou Hashima acquires stake in co. with EPL broadcast rights

Naguib Sawiris is consolidating his online media holdings into the ONA Group, Al Masry Al Youm reports. This has lumped Veto, Masrawy and Yalla Kora (the last two being indirectly owned by OTMT) under ONA. Sawiris has brought in veteran journalist Magdy Al Gallad to head the new outfit. Gallad is reportedly planning on publishing a newspaper called Masrawy and building new websites for the ONA Group by year’s end. Meanwhile, Ahmed Abou Hashima’s Egyptian Media Company, which bought ONTV from Sawiris, has acquired 51% of Presentation Sports, which holds the rights to broadcast Egyptian Premier League games, Al Borsa reports.

Meanwhile, this has been going on, Al-Hayah TV Network is negotiating with potential investors rising costs and fierce competition for advertising spending, network president Mohamed Samir tells Al Borsa. The network recently faced a two-day strike by staff demanding back pay from December 2015, the dismissal of channel vice president Mahmoud El Touny, and the termination of the broadcasters’ contract with Promomedia.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2018 Enterprise Ventures LLC.