On July 9th the pan-European 24-hour news channel Euronews, created in 1993 by the European Broadcasting Union (EBU), announced that Media Globe Networks, a company owned by the Sawiris family and run by Naguib Sawiris, now owned 53% of the Lyon-based television news channel.
This majority stake was acquired through a capital increase of 35 million euros. The other 47% of shares remain in the hands of Euronews’ original shareholders: 21 public television stations and three local councils (Greater Lyon, Rhone, Rhone-Alpes). After several months of negotiations, Media Globe Networks’ entry into Euronews’ capital was validated at an extraordinary general meeting on June 19th.
Since then, a shareholder agreement has been signed by the vast majority of the public shareholders, definitively validating Media Globe Networks entry into the capital.
Now Euronews will be governed by three separate bodies: the Supervisory Board, the Editorial Board and Management. The newly-created Editorial Board will actively and permanently monitor Euronews’ independence and the diversity of its editorial line. The 10 members of the new Board will be journalists or have significant media experience. 7 of those 10 members, including the Chairman, will be appointed directly by Euronews’ public shareholders. This new governance, validated by all the shareholders, will ensure that both the public interest mission of the international news station and its editorial independence are preserved.
The Supervisory Board renewed Michael Peters as Chairman of the Management Board for a 4 year term.
Source: communiqué de presse euronews
